Index Comparison Monthly On Top (2) - Here they all are, all your favorite indexes in one place with all the key levels, diagonals and resistance/support points. Looks to me like a bunch of backtests of busted support at key resistance levels under long term resistance. Of course with the debt situation improving (as in continuing to go up, up, up) and the economy screaming along setting all sorts of (negative) records the Trannies and the Q's are closing in on all time highs. That makes a whole bunch of sense to me (/sarc).
Another closer look at the Index on top Daily Chart - Note the pink cycle lines. Also note the backtest of busted resistance above is not nearly as apparent here. Part of the reason I show this is that you can't always believe what you see. I can present what I want you to see, in this case you see the glaring differences.
Tops and Bottoms 2 Years - Whoa! Here they all are again! Compare every top and bottom over the past two years across the indexes to the SPX. Also see all the similarities in the divergences - this is a great all purpose chart and good for the noobs as well. Note how long the divergences lasted into the April '10 top. That was insane.
Monthly SPX Support/Resistance - Another bigger picture look.
What would an STB post be without the FOMC Meeting chart - I moved the blue arrow up and added the thin upper blue diagonal. Sadly the diagonal off the '07 top is not on this chart.
In the news (cause it has been the big market mover - got to drag it out over the weekend you know) - "“On Monday, January 30, at the European Union summit,” said Venizelos, “we must have definitive plans for the new loan program, too, not just PSI+.”" ekathimerini.com | Full PSI deal to come by Monday Of course - they have to have this finished before the Fed meets next week which has implications on the meeting on the 30th.
GL and GB!
No comments:
Post a Comment
Keep it civil and respectful to others.