Options and Stock Market Technical Chart Analysis for June 26, 2009 by idan Koren
Today I update my fellow viewers on what the last 2 days of action really mean for this market. The DOJI candle that formed today on incredible low day could be viewed as two things: The first, is that it is a consolidation pattern for the huge move up that we had on Thursday. The second is that it is an indecision reversal candle. i would believe the former only if we get another day of consolidation down on low volume. However, I believe the latter because there are a lot of resistance which points could point to a move lower. We formed a double top area at 922 on the SPX, and this could actually be the top of the right shoulder. As we form the Head and Shoulders formation, other resistances such as the 923 level, descending channel, 20 SMA Daily lie overhead and could provide a strong push lower. Monday’s action could be one of a fakeout, we might get a rally in early trading to hit those resistances and then fall down from there to at least down 1.5%. If we fall down on low volume though, I will look to position myself long. My other advice is to not get too bullish before the 923-924 is broken. And also to take profits at the 880 level if it is reached at any point next week. We could very well break 880 but i think taking some profits off there is important and essential. I look at the SPY, AAPL, GS and VIX
Have a great weekend!
Duration : 0:7:46
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Tags: 06, 06/26/09, 09, 26, 29, 500, 6-26-09, AAPL, Alpha, Analysis, basics, big, Brian, bull, Chart, charts, cnbc, cnn, dollar, Elliot, FTV, gas, gold, GOOG, gs, How, Idan, Investor, june, Koren, learn, learning, Market, marketguru, Money, oil, Option, Practical, raging, read, resistance, Shannon, SNP, SPY, srs, stock, stocktock, street, support, TA, Technical, the, to, Tony, trade, trader, trading, Trends, ung, wall, Wave, wets, XLF
December 5th, 2009 at 11:01 pm
well I sorta use …
well I sorta use those interchangibly because I’m too lazy.. but I do have put contracts.
December 5th, 2009 at 11:01 pm
Minor details, but …
Minor details, but when you say short, are you actually naked shorting AAPL or are you buying put contracts?
December 5th, 2009 at 11:01 pm
Just because …
Just because oscillators are showing divergences, does not mean the start of a new trend, it could just mean a correction (which we got from 954 to 890s).
Neither the longs or shorts are in control.
Bears can say we’re in P3, but we’re only 3% off the highs, and 40% above the lows.
Bears are not in control yet. I’d like to see us to 860s levels which has not been seen since April.
Monday & Tuesday will be interesting days, as its end of Q2.
Good luck trading.
December 5th, 2009 at 11:01 pm
Well you want the …
Well you want the volume to pick up on the last leg lower.. we’ll see if it happens….
Inflation won’t be a concern at all if the economy falls back into deep recession.
December 5th, 2009 at 11:01 pm
This head and …
This head and shoulders does not have the volume tapering out, like is proper. What about the coming inflation?
December 5th, 2009 at 11:01 pm
yup maybe P3…but …
yup maybe P3…but the decline will be gradual and long with fool raillies in between.
December 5th, 2009 at 11:01 pm
it’s the beginning …
it’s the beginning of P(3)
December 5th, 2009 at 11:01 pm
haha yup maybe so : …
and it rhymes!
haha yup maybe so
December 5th, 2009 at 11:01 pm
When the VIX is low …
When the VIX is low, you go.