Trading Actions In The S&P 500 And Nasdaq

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Trading Actions In The S&P 500 And Nasdaq

By John Lee on November 11, 2008 | More Posts By John Lee | Author's Website

Interesting day where I didn’t think we would be fading the gap as far as we did. Regardless, we re-entered the consolidation range not giving a care about China’s stimulus package. On a longer short-term view, we are forming a bearish flag after having failed the 20-day MA 3x. At this point, we are more likely to test the October lows than to breakout to the upside. This can obviously change as each new day gives better guidance. The NASDAQ (^IXIC) formed a ’stick sandwich’ and you can also see that the Russell 2000 (^RUT) formed a same pattern, both of which exhibit highly reliable reversal patterns.

SPX 1-day

SPX 10-day

SPX 6-month

NASDAQ 1-day

NASDAQ 10-day

NASDAQ 6-month

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