Today the market started a gap-up open with a better-than-estimate NFP data. SPX had a 1 hour non-stop run before 1134 and consoildated at a narrow range between 1133 and 1135. Although the market is not close yet (only half day now), I don't know if the market is worthy of any trading in the rest of day. Too high for me to long, too narrow the range for me to short. So I decide to study some charts.
Today's big green bar is a signifcant one on weekly chart for two reasons: 1) stands above the MA20 again; 2) breaks the down trend resistant line.
On the daily chart, this is the third push-up since the market turned around on 2/5/2010. The first one (2/16/2010) crossed MA20. The second one (3/1/2010) crossed MA50. Today it broke the long-term down-trend line. So far, bears fired back only once on 2/25/2010, which was quenched by an intraday reversal. Holding a view of consolidation after push-up, I believe we will see new high(s) next week. Higher than 1150? That is beyond me (Cobra calculated 119.xx of SPY, ).
Again, market gave us another surprise. A breakout was taken around 2:45PM. Maybe it is due to bears' cover. SPX almost touch 1140 which is the BB upper ob daily chart. After profit-taking, SPX closed at 1138.69.
Since the major points of this note still hold, I don't bother change anything in it. I couldn't shift the gear to bull side (so that I missed 5 points DT) because my trading plan for today is NFP play. So leave it as it is, a good reminder I am just a little frog and didn't make adjustment quickly for this violent market.
狗仔卡
发表于 2010-3-5 03:02 PM
).
提升卡
置顶卡
沉默卡
喧嚣卡
变色卡
- "天天向上"ing
发表于 2010-3-6 12:49 PM
