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Tuesday, September 7, 2010

Tuesday updates

7:36, The VIX found it's Mojo today, up close to 12%, and now above the 200 day Moving Average

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7:19, On the daily longer-term Fib fan chart the SPX has trendline resistance first in the 1105 range, followed by the resistance of the previous high of 1131, on the downside, first support is now at the 1075 level.
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7:10, The SPX is still in a bullish Fib fan with no bearish fans available at the moment, a break down and out of that fan would help support the optional count posted in the chart below.
7:04, The SPX is still respecting the trendline of resistance coming down of off the high, if it holds, the optional count(gray) still has legs as the rally would have been a 2nd wave retrace in a smaller degree then the main count which still has the SPX in a larger degree 2nd wave retrace.

4 comments:

  1. hi michael,

    i am trying to understand what points your lower set of bullish fib fans is based on in your top chart. clearly, the lower point is anchored on the mar 09 low but i don't see what you are using as the other reference point for this fan set? it seems like it's just sort of floating. i must be missing something?? the dark green line is the base, right?

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  2. semi, I use the RSI to set that point, the high of the SPX where the RSI peaks is normally the extreme point that provides the best Fib fans which are respected later.

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  3. Semi, I replaced that chart with another chart where I added some arrows that should help people understand why I placed the fans where they are, BTW, In stockcharts, the fan lines "float" around and need adjusted often.

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  4. ah, i see it now. it is the dashed line that is the fan base, the dark solid line must be the 1st fib retracement level. i got confused on the scheme. thanks much!

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