ETF SWING & DAY TRADING

[SyndicateTwo]

As long as we close ANYWHERE within the current range of today's high and low, we will have made yet another higher high and higher low.

As an old chineese proverb says, 'all oceans began with a single drop'.

As mentioned before, we need to break out over that downtrend line(see previous post for chart) before we move into a new 3rd impulse wave.

But today is the second day of new higher highs and lows off of this ABC decline.

There's still more time in the day to screw it all up and come crashing down - and it's not out of the question because the Q's are still technically in a downtrend. It's funny though how that downtrend line is exactly where we stopped today.

Referring to a previous poster, technical indicators and oscillators are not 'breadth' charts. Breadth is a measure of underlying strength or weakness in terms of up or down volume and new highs and lows. As it stands right now as I type this, the Nasdaq shows 1585 advancing stocks to 1282 declining with 69 new 52 week highs compared to 14 lows. Up volume is twice that of down volume at 752mill to 358mill.

So, breadth today is positive but not 'great'.

The last hour of the day today is going to be a great forteller of what's to come I think.