While my comment spam filter queue is filled with many interesting pictures matching the title of this post, I’ll stick with the usual daily charts. The full moon may have put in a low of some period of time.
The SPX had a large range outside day (LROD to Jeff Cooper followers) on volume. Price broke the October 10th low for a short period of time and then the volume buyers came in. From here we need one or more follow through days. We also need to break the high of October 14th and remain up there beyond the 12th day of the rally.
The Nasdaq Composite chart shows three stabs down which may be the ticket to ride.
The DOW never took out the October 10th low which is encouraging. The new lows were fewer than on the other two moves down.
Charts courtesy of Stockcharts.com
Post Modified: November 13th, 2008 at 7:33 pm
Tags: Dow Jones Industrial Average · Nasdaq Charts · Standard and Poor's 500 (SP500) · Volume2 Comments
2 responses so far ↓
andy
i am curious about your comments regarding the dow
why doesn’t that need to take out it’s lows just like the spx and the nasdaq?
we missed the lows on the spx last time around and got taken back down there–doesn’t it work the same way for the dow?
thanks
almost44 - The SPX didn’t “need” to take out the low. It did so I think, “what happened next”. The Dow didn’t but oh well. Not much I can do about it. Jeff Cooper says the market isn’t a Swiss watch. Market watching is usually qualitative and not quantitative…. ask the bankrupt quant-funds about that. There is no bell to get in or out. Often the bell rings only to fool us. If today turns out to be “the” low, I don’t think anyone will look back and not say, “gee that was obvious”. Of course it isn’t until after the fact …