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Re: [RT] SPY 30 minute followup



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Another veteran trader's opinion.
 
S
 
Subject: Re: [RT] SPY 30 minute followup

Hello Jim and Clyde
you are Both right  about Mondays turn
we are turning down to the 1300-1320sp500
even Bradley has a minor turn  3/9/07
this triple expiration Fri. is going to be fireworks, bells and whistles,
Ben
----- Original Message -----
From: Jim White
Sent: Saturday, March 10, 2007 4:28 PM
Subject: [RT] SPY 30 minute followup

Attached is a follow up to the 30 minute view of SPY I posted yesterday. If you look at the yesterday post, sent at 9:27 PST, you see that the 9:30 bar was red indicating a potential short term reversal however the follow up shows that the bar closed blue and near the high of the bar. This happens to be the high bar of the up move that began at 7:30. The 10:00 bar turned red early giving plenty of time to short.
In yesterday's post I suggested that a tradable reversal could occur at the forecast Near Impulse line at 11:00 PST( 2:00 PM EST). On the follow up you see that instead of a reversal an acceleration to the down side occurred and another Near Impulse line appeared for the 12:00 PST bar. This 12:00 bar was indeed the low bar of the down move from 9:30 and the market rallied from there.
As for Monday, SPY, DIA and QQQQ all show exhaustion gaps and short term sell signals. My survey of the DOW 30 and NASDAQ 100 also showed a large number of stocks with sell signals in place. On the 30 minute chart the Near Impulse forecast line for Monday is at 9:30 PST so look for a trend change around that time.
Regards,
 
 
Jim

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