Tuesday, December 9, 2008

Oh Boy! Could It Be True





The market move off the lows is starting to look more and more like some rising wedges now. If these patterns break lower than a retest of the lows is in quick order.

7 comments:

Johnson's Trading Blog said...

Stew - check out connecting the recent tops on all those charts as well. Sept 22, Nov 5ish, Dec 8ish all connect on that BKX, I'm seeing that chart everywhere

Stewie said...

yup. downtrend still in tact. one more steep pullback would be nice. i imagine that would give the bears lots of hope. not sure it'll stick this time around tho. we'll see...

Salsaman said...

I see the downtrend in tack off the tops too, however for instance GS had a low volume down day yesterday, and bounced off a fib retracement. It should be an interesting day for sure. BKX closed only a a few cents away from Nov 26 close.

HM said...

Have you looked at weekly MACD chart for the Dow? Looks like the market is poised for a rebound.

Stewie said...

hm: macd not supporting big down days. you are correct

Scott said...

Well, pigs can fly too if you strap them to a big enough rocket.
The conditions of the global economy still point lower until there is a event that changes it.
It's a great traders market, not investors.

Stewie said...

hi scott: once this honey moon is over, i'd imagine the same worries and probably new ones will surface again. it's only a matter of time.

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