Remember the market is a "dynamic animal" and so is charting. The prices of pivot points, support levels, resistance levels, regression lines, are constantly moving, indicators...
In this type of market I scan first thing in the morning looking for news and volume, I narrow the list of stocks with the most potential according to the charts, set alerts, and flip them back and forth the movers throughout the day acording to support and resistance levels. I look for stocks with high liqidity and volitility.
AUML-Beautiful bouncer today, had a huge shake, it came down from its 2.90 high all the way back to the opening price of 1.82 which is a support level. I entered at 1.86. If the stock price broke below the opening price it was an immediate sell (Risk maybe .04 to .10 PPS). However the stock held and the stock closed at 2.80. Not a bad little trade (50.5% gain) Very Low Risk with very high potential of Reward.
I have to agree the markets may be ready for a turn, however, I feel it will be a slow turn at first... Like sticking your toe in the water before you jump in... I see the Nasdaq trending to the upper channel and then having a good sized outside gap over the resistance. This should set volume into motion. When this will happen... will just have to keep an eye on the charts. If the nasdaq was to turn today, I would not feel comfortable a reveral had happened util a close above 1889.00
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