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ChartsEdge: The one-day charts
Posted: November 11th, 2009 | Author: Mike Korell |Filed under:One-Day Market Map | No Comments »
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To Do list (especially for swing traders):
1. Thank Mike at ChartsEdge for intraday maps that have continued to work (even though the indication for larger time frame was, er, challenging - but always appreciated)
2. Thank Andre Gratian and Terry Laundry (and Mike Burk) for pointing out the technical potential for the top to have been not completed yet - and, re-read Andre's weekend update (and daily if you're a subscriber) to refresh on his projections (use Turning Points label, to locate here)
3. Thank Tony Caldaro for pointing out his B top hadn't been confirmed yet in the S&P 500 or Dow (likely Nasdaq too). Re-read Tony's update, including review of his original targets for the B wave (1109, 1121 anyone? if memory is correct?). The 1121 level in SPX would be a 50% retrace to its 2007 high.
4. Remember that for testing the .618, the QQQQ can hang above $43.30 for at least one full day (and Andre mentioned $46!) - so use caution and observe.
5. Read comments like those of trader mike who left this one:
everyone was looking for the h&s on spx when maybe what they should have been looking for was a double top
the rut had a textbook one recently so shouldn't we have been looking for that on the spx?
if we gap up to 1100 or so and pullback it may well play out
in addition i have not heard many talking about the dt as they were about the h&s
So folks - you see my "to do list", and pending my being able to finish these you'll be able to do them too.
Meantime - let's see if the dollar gets to testing 74.75, if gold gets to Tony's $1119, and notice that all 3 ChartsEdge maps look pretty consistent today (recently they've been consistent mainly after the 1st trading hour shown - today's more clearly a match). So as always - careful out there, and happy market navigating!
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