Chopping Near Highs
November 9th, 2005 by BWV
The markets are hanging tough after last week’s rally.. October’s misery now seems a distant memory. The S&P is starting to move out of a nice Bull Flag pattern here on the Daily chart.
We’ve actually rallied 6 S&P points (or 60 cents in the SPY, which trades at 1/10th the index value) just since I copied this chart. Breadth has shot up from -500 to +1000 in the last 30 minutes.
Looks like we have a resumption of the rally here.. I’ve picked up a few longs which I’ll detail later today.
all that “pullback talk” said.. the more i think about it.. i would not be surprised a bit if the markets left the station (headed North) earlier than i guessed in that post..
as usual i’ll be watching intraday (15,30,65 minute) turns in the long term Stochastic.. either 36.6 or 42.6 (i’m still fiddling with specifics).. to help identify the move.