Thursday, December 13, 2007
Long Term Trend Weekly SP500 Chart
WOW! By looking at the 60 minute and the 1 minute chart I've missed out on some really good trades while my power was out. But the trend is still up according to the daily, weekly and monthly charts. The power outage was a blessing in disguise. IT allowed me time to study and to prepare the daily chart for what I feel will help in my decision making. The updated indicators along with the tried and true trading channels really cleaned up the daily chart. What I've done is establish a better feel for the "smart" money flow into and out of the market. Also, I've added straight line support and resistance levels using trading channels at degrees of importance. By looking at the daily candle for 12/12/2007 you can see the indecision in the market. The 60 minute chart formed a hammer on the last candle Wednesday which is encouraging although it is below the 35 period channel on the chart. So, watch the bottom of that last candle from Wednesday on the 60 minute chart and use that level as support. That's all for now. Oh yea, I'm still 66% long this market. The other 34% is still drawing 6%/yr. and probably(hopefully) always will be. I'll be busy the next couple of days due to the ice storm so posting here will be limited.
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