Weekly charts
DIA daily looks like a rising wedge, which can break either way. Weekly is right up against resistance and the head & shoulders potential is still there in the coming weeks unless we get some large bullish momentum.
IWM
All of the weekly ETF indexes have a 3/10 macd potential for a bearish XYZ wave (basically a bear flag until otherwise proven guilty).
QQQ
Seems to be the most divergent. The weekly printing a dark cloud cover candle and has a head and shoulders pattern to overcome. The daily is having trouble with the 50% retracement level, but still has an inverse head and shoulders pattern going for it.
SPY
Weekly printing a red hanging man.
Momentum will come into the market one direction or another, and momentum will precede price.
2 comments:
Hi Todd
i am following along over here where the charting action is :o)
i really do not have any questions about the charts or printed writing. My suggestion is for others who follow along to read the Great GooG Doc's you allow all to read.
The thing of it is, trading can be subjective and one is lucky if they can find something and then find a way to see it clearly for themselves.
Thanks
Sorry, all of the googledocs (with the exception of the criteria spreadsheet) are no longer available.
I'm working on making them over however.
Thank you
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