A reversal on rising volume to create yet another distribution day. However, so far neither sellers nor buyers have shown much conviction, so it's possible the trading range continues a while longer. Critical support for tomorrow is 7775 on the Dow (first chart below), 822-823 on the S&P (second chart) and 1263-1273 on the Nasdaq (third chart). Resistance is 7900-7925 and 8000 on the Dow, 840 and 845 on the S&P, and 1310-1315 on the Nasdaq. Finally, yesterday's high close in the equity-only put-call ratio did appear to be due in part to short-covering; open interest in near-the-money QQQ calls rose while open interest in puts declined. The down day for the VIX, the options volatility index, was a warning that might be occurring. Today's reading of .67 is showing some complacency for a down day, along with another decline for the VIX.
 Financial Sense Online Market WrapUp with Jim Willie CB 08.30.2004::
TECHNICAL ANALYSIS: REVERSAL PATTERNS When you step back and observe the pattern, it can reveal much. the Japanese yen, in inverted (upside down) form.
http://www.financialsense.com/Market/willie/2004/0830.htmlHOME |
QQQQ Trend analysis and technical indicators::
Rising wedges usually marks the reversal in an uptrend. down in the long-term trend characterized by oversold long-term technical
http://www.thegreedytrader.com/QQQQTrendAnalysis.aspx?p=122HOME |
Technical Analysis - Intro::
form a support line during upward trends and a resistance during down trends. A break above or below the Bollinger Bands may show an exit point or a reversal.
http://www.avafx.com/Resources/educ/forex-technical-analysisHOME |
Technical Price Analysis::
Channel Lines (Up &Down) Support Line. Support Line. Resistance Line. Resistance Line Reversals. Key Reversals. Key Reversals. Hook Reversals. Hook
http://www.econ.iastate.edu/classes/econ334/hayenga/TechnicalPriceAnalysis/HOME |
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