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Monday, November 9, 2009

Monday Updates

Could it be possible the Transportations (TRAN) are going to lead the market today?
Trendline resistance is around 1100 on the SPX. All the previous trendlines of support since 666, when broke, have turned into resistance to stop the rally that followed the break!!

The SPX opened gap-up and broke out of the Bollinger Bands. Possible that gap was an Exhaustion gap since most moves breaking out of the bollinger bands are quickly reversed!!

Exhaustion gaps occur in the direction of extended trends. For an exhaustion gap to be considered valid, prices should reverse soon after the gap and close the gap. In the later stages of a trend, the extent of the trend becomes widely reported; eventually causing a surge in trading that cannot be sustained. These events often mark the end of the trend.

Dollar update, according to the intraday data at CNBC, the Dollar made a new low at 74.93!!
DOW update, the DOW made a new high!!

This is the most important chart of the day, The Dollar index, currently at 74.97, .04 away from making a new low!!

1 comment:

  1. The BB analysis is great. Now I need another weekend to study that one and its only Monday!
    - Cheers.