ChartsEdge (U.S. equities) map for 7/31

Market Map for Jul31

Posted: July 31st, 2009
Author: Mike Korell
Filed under: One-Day Market Map
Comments to ChartsEdge »


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Thanks again, Mike and ChartsEdge!

Folks - I was getting extra busy the past week or so, to a point where it was difficult for me to keep up with charting. And the last few days have really ramped up with that, so I don't have much bandwidth to do much more than continue to provide the comments for now. Will try to get a good amount of chart work done to post this weekend.

For swing trading and KI$$ purposes in equities, up is up until it isn't. Meaning of course, there is no swing trade sell signal until there's a trigger day after a completed chart pattern. We've got the markets at the testing levels I've described, including now the QQQQ's having done $39.82. It does happen often enough that a price will overshoot a Fibonacci level like that, hang for a day beyond it, and then go into a trigger. If we see the QQQQ's do something like that day, then we won't know until next week if we see a sell trigger.

Daytraders have been able to follow an interesting string of numbers from 912, 922, 932, etc., on up to 982 and 992. Punctuated recently by numbers like 967, 977, 987. And of course, there's trendline work, and I know that Andre is continually keeping up his subscribers with that information. As well as indicators, and I'm thinking that anyone daytrading is already keeping a keen eye on those!

As for UNG, DAG, gold, oil, TLT and the dollar, euro, yen - we are keeping a close eye on how these perform against recent swing levels, and I heartily recommend that my readers do the same. Especially as to the currencies, gold and TLT, because these are near the heartbeat of the current rally.

So as always - be careful out there, I'll tweet from time to time during the day - and happy market navigating!