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They Pulled The Plug
March 30th, 2009 at 10:56am · 4 Comments
Finally – Last week felt like the market was levitating with no support underneath, and today, reality has set in. The first bar of the 135 minute chart of the day has just closed, and generated a net-line sell. I think it’s easy to expect prices to reach the bottom of that channel, only 15 handles away at 767. The eMini is already below the 60 lower Keltner channel. Can prices go all the way to the lower channel on the dail chart? That would be a drop to 647. I don’t know and it’s too early in the move to think about, in my opinion.
Tags: General Market Commentary · S&P 500
4 responses so far ↓
1 hope // Mar 30, 2009 at 11:23 am
Do you think April 10 is already here? That is the day the Solunar model (revised) said would be the top of the market.
Are you ready to roll out your subscription plan site, which I hope will be more detailed in nature as well as frequent.
Thanks
2 Josh // Mar 30, 2009 at 11:57 am
The Solunar model is a fantastic rough guide, but that is what I use it as, a guide. I fear attempting to invest based on it solely, especially in short time frames is risky. My $0.02
3 rich // Mar 30, 2009 at 5:00 pm
It is a rough guide, but just part of an overall picture. Good pointer towards sentiment though.
I don’t think that this rally is finished yet. This is a necessary pullback. Politicians may yet finish the rally early however. Caution is needed in this market.
4 wwshep // Mar 31, 2009 at 10:45 am
Chris,
What are your thoughts about the fact the the 135 net sell line signal failed to produce any downside follow through and could not reach the lower band? Does this speak to the uptrend being much stronger than anticipated? Also, is the weekly net buy line still in effect at 818? If we were to close above that this Friday would the expectation be that we rally to the upper weekly band and where is that band?
Thanks,
Bill
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