Another thin volume day with some incredibly ugly behavior throughout the day. Starting with a gap and run in the morning, within a half-hour we sold off 90% of the opening range, only to continue higher. Chart below looks like a big 'ol cup w. handle doesn't it?While the 30-min looks like in inverse head and shoulders
While the daily is still holding together it's Head & Shoulders patternWell, I'm certainly confused. It's like tracking a horse that's wearing it's shoes backwards. It kinda feels like the last of the bulls are holding out on their positions to get solid confirmation as to a direction. A lot of charts look like they're in limbo...
AAPL, double-top, but could get upside impulseSame with GOOG, but getting close to a Head & Shoulders neckline
This flag on RIMM is getting a little long in the tooth
GS has a double-top thing going for it right now, provided it doesn't get an upside breakout impulse:Oil, via USO, looks to have broken a Head & Shoulders pattern, complete with retrace back to the neckline
Here's OIH, with a bearish top divergence and neckline breach looking imminent:
TLT actually looks like it strengthened up
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
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