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aj, a slight adjustment of your lower TL (I think your 1st pt may be a hair off) will have it go thru lows from May, April 570.0 and recently 645.4. (Perhaps someone with a better charting program than stockcharts can verify this.)
When I do that I get the following picture, which suggests that we may see a major decision point over the next 2-3 days:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]daclyyay[pd20,2!c13!c50!b100!b200!f][vc60][i...
ajtj, been Down Under the last couple of weeks but it doesn't look like the RUT has done much in that time. I can't make up my mind as to whether I'm seeing a H&S or a bull flag on the RUT daily:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]daclyyay[pd20,2!c13!c50!b100!b200!f][vc60][i...
Today's open should get it to the neckline / bottom of wedge.
Honestly, aj, does this look like a bear wetting himself?
http://www.adagrin.com/cartoons/photos_animals/images/bearwood.jpg
The bears I know are very neat and would never do that!
aj, the genetically imperfect 3 red ravens on the RUT daily appear to now point farther down - possible 648, the level of two local maxima:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]daclyyay[pd20,2!c13!c50!b100!b200!f][vc60][i...
I just went through the laptop buying process this spring and wound up getting a refurbed Dell 700m for about $800 (that I'm still very happy with).
There are a myriad of choices and options for laptops. A few good resources that I used:
Notebook & laptop reviews:
http://www.notebookreview.com/
Dealnews.com - to keep up with deals at Dell and other places.
Dell Outlet - their inventory & prices vary day to day.
Also Googling a particular model will often bring up reviews on Cnet and other ezines.
RUT Daily is on support but could be headed to the bottom of the channel about ~670. But if it does that tomorrow that could give an imperfect 3 black crows, suggesting even more down.
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]dacayyay[pd20,2!c13!c50!b100!b200!f][vc60][i...
oops - I guess the gap is really down, not up. So it goes.
When looking at charts last night I noticed a possible DEscending triangle on the RUT 15 minute chart, a possible AScending triangle on the same for the NDX. All of which I thought was curious.
678-679 still looks to me like a good target for the RUT:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]gacayyay[d5][pc10!c20!d20,2][vc60][ilb14!la1...
Hugh crash? I think you mean Hugh Downs! gg
PS. Jim, I appreciate your work.
Well, the Rut 15 minute now shows a bear flag, and the 60 min chart full stos haven't yet reset, so my guess is that this goes to at least 678 or so.
RUT getting routed. TL and nearby supports broken. On the 15-min imperfect 3 black crows appears to be in play:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]gacayyay[d5][pc10!c20!d20,2][vc60][ilb14!la1...
Yoda would never say something like that!
stockcharts data has reappeared on the 15-minute charts but still gone on the 60s.
I don't think it changes the story, especially if I look at the 15 minute chart.
In any case, the RUT is ~685 for a 3rd time. Since the first two were tops, I think this one is just a quick hello on the way up.
RUT 15 minute - working on an ascending triangle?
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]gacayyay[d5][pc10!c20!d20,2][vc60][ilb14!la1...
also apparaent on the 60 minute chart.
LOL, I do hope he's up for the joke!
LG, simple is it - Yoda ajtj's role model must be so like him he talks. gg
Forty bear types:
http://www.wallstreetfollies.com/beartypes.htm
RUT 60 minute at support, indicators in oversold territory:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[g,a]eaclynay[pc9!c13!c20!d20,2!c50!c200!b50!b200...
excellent point, there definitely seems to be an established range. Monday's direction should give another clue.
Well, surprise to me the RUT finished within a point of the ATH, a double top?
But what has me thinking more up is the imperfect Three Hanga Roan soldiers pointing skyward on the 60-minute:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]eacayyay[pb50!b50!b84!b130!f][vc60][iut!ue1,...
RUT has started to move up, but still just within descending triangle:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]gacayyay[d5][pc10!c20!d20,2][vc60][ilb14!la1....
In edit: it's broken above the line.
If the RUT doesn't make it past the descending TL I would say its working on a descending triangle:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]gacayyay[d5][pc10!c20!d20,2][vc60][ilb14!la1...
Ascending triangle on the RUT 15 minute (although I guess it could morph into a bear flag):
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]gacayyay[d5][pc10!c20!d20,2][vc60][ilb14!la1...
RUT new ATH.
RUT within a point of ATH - possible double top today.
RUT weekly - near important resistance?
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[d,a]waclyyay[d19950121,20051121][pd20,2!f][vc60]...
RUT shorter term - a trip to ~660?
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]gacayyay[d5][pc10!c20!d20,2][vc60][ilb14!la1...
I should add that Elder's monthly newsletter is free for anyone who wants it - just go to elder.com to sign up.
geosing, thanks for the offer but newly showed me a way to post it directly. -hiker
Thanks, newly!
--------------------------------
Elder's SPX chart & commentary:
CURRENT MARKETS
For the past two months I have been writing about my bearish view of the bond market. Now that the bear is starting to bite I want to focus on the signals we often see in many markets prior to their decline.
One option would be to look at a market that is just starting to turn, with fresh signals at the right edge, and then watch how those signals work out during the next month. I feel reluctant to do that, concerned that some impressionable people may jump into that position with both feet and if the market does not follow my script (my crystal ball can get cloudy) they can end up getting hurt. The monthly format of these emails is not really suited for an advisory service. Because of this I’ll review a market in which a turn has already taken place – let us look at its signals so that we may recognize similar ones in other markets.
This is the weekly chart of the S&P index. A divergence between the peaks or bottoms of price and MACD-Histogram is one of the most powerful signals in technical analysis. Its message is especially important on weekly charts and is greatly strengthened when MACD Lines diverge at the same time as the Histogram. The divergences of MACD-Histogram are rare on the weekly charts, but you can find a few of them on this screen. The divergences of MACD Lines are even more rare and tend to occur only at the most significant turning points.
This chart shows a clear bullish divergence of MACD Lines at the bottom of the bear market in 2002-2003. There was also a bullish divergence of MACD-Histogram at that time. Now, for the first time in over two years, both indicators have spoken together again, this time by tracing a bearish divergence. The bulls have been trying to lift prices to a new high since Christmas 2004, but every major rally attempt was accompanied by a lower peak of MACD-Histogram and also MACD Lines. This is very similar to what we saw at the 2002-2003 bottom, only in the opposite direction. The beginnings and ends of trends sometimes look like near-mirror images. These signals suggest that the most profitable traders this year are likely to be those who have learned to sell short. – AE
aj, I have a jpeg of the chart on my hard drive but to my best knowledge there's no way to post it here - all the chart posting instructions I've seen require a web address for the chart. If someone knows otherwise let me know & I will be happy to post. -hiker
The following is from Alexander Elder's latest (free) newsletter. I couldn't find a way to show the chart (which was in my email but doesn't have a URL), but I think you can get the idea from what he says: bullish divergences at the bottom in 2002-2003, bearish divergences now. Any comments anyone?
CURRENT MARKETS
For the past two months I have been writing about my bearish view of the bond market. Now that the bear is starting to bite I want to focus on the signals we often see in many markets prior to their decline.
One option would be to look at a market that is just starting to turn, with fresh signals at the right edge, and then watch how those signals work out during the next month. I feel reluctant to do that, concerned that some impressionable people may jump into that position with both feet and if the market does not follow my script (my crystal ball can get cloudy) they can end up getting hurt. The monthly format of these emails is not really suited for an advisory service. Because of this I’ll review a market in which a turn has already taken place – let us look at its signals so that we may recognize similar ones in other markets.
[]
This is the weekly chart of the S&P index. A divergence between the peaks or bottoms of price and MACD-Histogram is one of the most powerful signals in technical analysis. Its message is especially important on weekly charts and is greatly strengthened when MACD Lines diverge at the same time as the Histogram. The divergences of MACD-Histogram are rare on the weekly charts, but you can find a few of them on this screen. The divergences of MACD Lines are even more rare and tend to occur only at the most significant turning points.
This chart shows a clear bullish divergence of MACD Lines at the bottom of the bear market in 2002-2003. There was also a bullish divergence of MACD-Histogram at that time. Now, for the first time in over two years, both indicators have spoken together again, this time by tracing a bearish divergence. The bulls have been trying to lift prices to a new high since Christmas 2004, but every major rally attempt was accompanied by a lower peak of MACD-Histogram and also MACD Lines. This is very similar to what we saw at the 2002-2003 bottom, only in the opposite direction. The beginnings and ends of trends sometimes look like near-mirror images. These signals suggest that the most profitable traders this year are likely to be those who have learned to sell short. – AE
Maybe I'm naive but I'm always surprised that intelligent folks like you, aj, LG, and others give this troll exactly what he wants, which is attention. He's not interested in any kind of reasoning unless it leads to more attention, and he doesn't care about the quality of that attention or what you think of him.
Responding to him (or any troll, for that matter) just increases the noise level on a board - if you look at the last 30 or 40 messages on this board I'll bet you'll find a high percentage devoted to responses to his posts.
Trying to convince him to be a nice guy is not the solution - the only real solution is to IGNORE him and NOT respond to any of his posts.
OK, off my soapbox now and back to the regularly scheduled markets.
OT: So far the holes I haven't aced are 4, 8, 14 & 17. Just don't let it detract from your trading! ggg
OT Culmus, good for a start - I've been able to get it down to 27. But that's nothing, The Freep is claiming 18!
I've found ways to ace most holes, but they aren't always the first things that come to mind.
well, somethings gotta give over the next hour, at least on the RUT:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]gacayyay[d5][pc10!c20!d20,2][vc60][ilb14!la1....
it'll probably just morph to a channel... yawn
Time for a few more rounds:
http://www.kenjun.com/blog/miniputt.swf
well, so far no triple top but it does look like a backtest of prior support on the 15 minute RUT:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]gacayyay[d5][pc10!c20!d20,2][vc60][ilb14!la1...
aj, re: triple tops, the RUT has already printed 656.1 (December) and 654.3 (this week). Today's open may be close to a 3rd hit.
lol, a higher RUT would be fine by me!
Pennant break up on the RUT 15 min at close:
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[r,a]gacayyay[d5][pc10!c20!d20,2][vc60][ilb14!la1...
RUT closed higher for the day and also above support at 648.
ajtj, any thoughts as to what extent the RUT will be pulled down with the rest of the indices? So far it's shown pretty good relative strength in the move from the May lows. -hiker