Friday, October 22, 2010

10/22 12:20

The market is standing right above key support levels.  Since the market has gone nowhere these M/As have been catching up for a week.   Breaking 11,036 DJ futures is a sell signal.

3 comments:

  1. Steve

    Good chart.

    Jack C

    ReplyDelete
  2. Hey Jack
    Did you ever see my response to your question?
    if the double top plays out, I would expect this thing to get to 1240 as a slight overthrow to the April high, not that I welcome that outcome
    Charles

    ReplyDelete
  3. Hey Charles

    Sorry I did not get back to you more quickly. Jeff Cooper, I follow his work though I did not see his article on a repeat flash crash. My thought is I don’t know what to expect, did the large gap get filled or did the flash crash open the door for an exponentially larger flash crash, it will be interesting to see what happens. I’ve been short through this top from the beginning, I always have a tendency to jump in a little early (don’t need the money right now). I sent Steve a chart this morning showing in my mind that the SML has topped and tested its highs already and I feel yesterdays AM high was the blow off in the DJIA and SPX, so I’m not in the camp of any more new highs. My target for 11/19 is DJIA 9200. Just another opinion, don’t claim to be an expert.

    Jack C

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