Thursday, April 30, 2009
Back to the charts - So Much Support!
Since Danno and Kenny both think we possibly topped at 888 I thought I would go back into finding support mode. On the very nicely labeled chart you'll find annotations that lead you to two trendlines we first have to break. Then we have several ma's and a lower BB to get thru. Then there is the small gap and the retracement zone (I only ran fibs off of the 826 low - there are two more sets we need to fight thru as well). Then there are those pesky trendlines on the indicators that they have been obeying for a month now. These need to be cracked and then the uptrend will officially be over. I'll add to shorts at that point. Finally the three previous lows need to be taken out. All that just to get to 825. When we get there I'll revisit everything below that. I agree with Dan that this pullback may be swift and over of you blink. Kenny has also mentioned the phrase knife thru butter. The last serious pullback was 40 points in one day. When the bulls run for the gates they may all try to get there at the same time.