Wednesday, June 3, 2009
The Chart RedDirt is Watching!
RedDirt will be watching for this chart to find support around the 250 mark! This could take some time. If I see a big break below the 250 line and then take a look at the daily $SPX and see a high volume down day with a big drop on the $NYAD it will confirm that we are on our way to forming a right shoulder in a reverse Head&Shoulder Pattern. Watch and see if we bounce off the 250 line on the $SPXA200, then look for a reversal candle such as a hammer or bullish engulfing on the daily S&P500 chart. That will tell me to get long and hope for the best. Reading charts takes time to learn, so hang in there and study all you can. Start by checking out the StockCharts ChartSchool. Be patient and read it from cover to cover. Lots of really good FREE info is stored there.
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