Sunday, January 27, 2008
Weekly Update
By the look of last week's candle stick there appears to be indecision in the market. The upper and lower shadows are long with a small reel body squarely in the middle. The bullish signs are that the market looks to have bounced off the 38% retrace line and finished above last weeks close. The bearish signs are that we are technically in a downtrend by being below the red-green trading band. So therefore Bear Market Rules must be applied. It's at times like these when discipline must be in your bullseye. I've been hiding out in my fraidy hole and the last few days have been pretty SAFE. Just in case this is an F-6 Bear Market I've been searching for an even safer fraidy hole. Like Carmer says," there's always a bull market somewhere." This is one area that is interesting to me. I've added it to my Red Dirt Trader Charts List. It's one of the few indices that show Big money is betting on. Select the Nikkei 225 and click on "GET CHART". Be safe out there in this here storm. See ya'll next week. Thanks for stopping by.Labels: candlestick charts, sp500, stockcharts, technical analysis
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