Monday, June 29, 2009
It's coming!
Pullback to 756 on the $spx and down to 1290 for the $ndx. Just this old traders gut feelin'
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Hi Chris,
As Always thanks for your thoughts.
But I wonder if you could expand on them regarding your "gut feel" on the call to get to 756 (spx) and 1290 (ndx).
Not that I disagree we may see a pullback this quarter but with my more limited charting knowledge I can't figure out how you settled on these levels.
Perhaps a more detailed explanation can help us all to see what you are seeing.
Thanks so much,
Dirk
As Always thanks for your thoughts.
But I wonder if you could expand on them regarding your "gut feel" on the call to get to 756 (spx) and 1290 (ndx).
Not that I disagree we may see a pullback this quarter but with my more limited charting knowledge I can't figure out how you settled on these levels.
Perhaps a more detailed explanation can help us all to see what you are seeing.
Thanks so much,
Dirk
# posted by 
: June 30, 2009 at 9:27 AM
: June 30, 2009 at 9:27 AM
The 1290 on the NDX would test the middle of the W formation made on the NDX chart. The 756 for the SPX would be close to the level of the left shoulder on what appears to be a forming reverse head and shoulders pattern for that index.
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