The DJI is the index that I have analyzed in the past and when it stopped working I dropped Fib.
Thanks, Josh.
Saturday, July 31, 2010
7/31 Fibonacci
SP Fib charts weekly. My charting tool has a hard time selecting highs as starting points so invert 38 & 62 levels. The DJI has not been following Fib levels well on weekly or daily since it scored a hit at the April high. SPX has been following Fibonacci better and I'll pay more attention to it in the future. A 9-point miss is worse if the index never hits it, which is the problem with the SPX April high. It did catch the July low right on. 1121 is the resistance. If it breaks that then there is a potential to 1145.
The DJI is the index that I have analyzed in the past and when it stopped working I dropped Fib.
Thanks, Josh.
SPX Daily Fib
The DJI is the index that I have analyzed in the past and when it stopped working I dropped Fib.
Thanks, Josh.
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Steve
ReplyDeleteCopper has broken out above the 200 day moving average and seems to lead the SPX on the up side and down side and transports have broken out also. Could these be some leading indicators to a brake out above the 200 day moving average in the SPX next week? With PE’s around 11 and an over sold condition in equity’s I feel confident that I1 is right on the money and if we break the 1121 SPX, momentum will take us the rest of the way. The nice thing about I1 is it does not let your feelings get in the way of your trade(bearish feelings).
Jack C
Jack,
ReplyDeleteI'm sorry, I don't use copper or DJTA in my work, so I don't have an opinion. I'll just trade with I1 until support or the upward wave count is definitely broken. I will be posting a study that I did a while ago on the 220-day M/A going back to 1972.