There are some good questions in the comment sections. One asks about follow through on the 135 minute net-line sell yesterday. I think there was followthrough, considering that the net-line was at 811 and prices traded down to 875 and change. Another asks about the weekly chart – which I’m posting here now. A divergence between price and the cycle-trap has confirmed on the weekly, which suggests a move to the upper band, now at 978, though falling steeply. The net-line buy level at 818.61 has not been triggered however. Notice the yellow arrows on the weekly chart which show the cycle-trap divergence and the net-line sell that were triggered in October and November 2007.
I’ll address the various tidal questions in a comment response to that post later on.
click chart to enlarge
click chart to enlarge
click chart to enlarge
4 responses so far ↓
1 Berkeley Square // Mar 31, 2009 at 11:37 am
Chris,
Great site; great work. Thank you.
“I think there was followthrough, considering that the net-line was at 811 and prices traded down to 875 and change. ” I assume that you meant 775 and change.
Have you changed your March 19 opinion on crude ? I haven’t seen a post as such.
Thanks
2 wwshep // Mar 31, 2009 at 12:43 pm
Chris,
If we get a net line buy on the weekly at Friday’s close would this be the first weekly net line buy since the bear began in Oct. ’07? From your chart it looks like it may have come close in April ’08 but I can’t really make out whether it was a close call or an actual net line buy.
Thanks,
Bill
3 chris // Mar 31, 2009 at 12:56 pm
Yes – there was a net-line buy in April ’08 – by 2 points! – the index topped 5 weeks later.
4 Berkeley Square // Mar 31, 2009 at 1:17 pm
What is “Yes – there was a net-line buy in April ‘08 – by 2 points! – the index topped 5 weeks later.” referring to ?? Another comment elsewhere ??
Can’t follow the context.
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