Thursday, September 9, 2010

Mid-week status with charts

Dear my readers,

Thanks for your patience.
Quick post today.

First routine step is to check which one of our scenario in play:

60-min ichimoku-based classic TA forecast from week-end:


current market status with projection-trendlines and indicator forecasts:

Our forecasted bull scenario is in play. Volume studies and classic TA helped again to make money.
I don't modify my chart, regarding to the limits, targets, zones. 1100 and later 1125 should be attacked and won by bulls in order to reverse the huge bearish trend. If that level is done, I'll buy a new SPX unit.

Let me put 1-day and 2-day R3K charts now confirming bull as well. R3k is a twice larger index than SPX in volume, all the volume-based indicators cleaner here, easy to read and analyse. All readings and status valid for SPX as well.

R3K 2-days:

We have a bull cross on our 2-day histogram, also selling volume fell under indicator line while bull volume rises in parallel. Bull/sell volume cross is a clear signal of trend reversal.

 I did not buy 1 more HUI. I am waiting for a volume-change. Smarts usually drag gold price down with 2-4% before finally push themselves into precious metals. That is a brutal volume insertion, average volume rises 30-50%. So I count with some correction and then, I'll buy one more HUI unit.

Good luck!

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