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Public blog posts only as education and entertainment. private membership market updates reflect my view and analysis of the market. The information contained on this website and from any communication related to the author’s blog and charts is for information purposes only. The chart analysis and the market comments do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor. And i absolutely discourage trading options.

Thursday, April 28, 2011

Apr 28 private members intraday update (portion)

1). $rut
$rut is completing the expanding triangle.
since the beginning of 2011, $rut has been using the upper, middle, lower red Fibo fan lines as MT supports and resisatnces for most of the occasions. here $rut is at the resistance.

2). indu
the recent most relative strong index $indu nearly touch the brown mid Fibo fan line, pink circled.
as shown on the chart, there are three pink circled area as resistance since Feb 18, 2011 high.
also there are one green circled bottom on Mar 16, 2011. another green circled mid support during early to mid March before broke down toward the lower green circled support area.

it seems obvious that this Fibo fan lines act as magnet to $indu target prices. if $indu turns down from current pink circled resistance area, the initial support could be the brown lower Fibo fan line as a function of time, then review from there.
it might stay around the brown mid line for some time that similar to early Apr, it could also go straight down from here which similr to the cases of mid Feb and mid March.
on the other hand, if go beyound and stay above the brown mid line, could be bullish and targeting the steep upper brown line (i do not see this will occur as considering code blue and other factors).

3). $spx
if $spx has more upside to go, consider the green mid pitch fork and 2618 fibo extension as red circled as upside target.
even though with last couple days' rally, fear factor is neutral toward fear zone, potential of favor more rally from here as long as the rising wedge of indexes do not break down.

4). 15:30pm ET cycle
pink equal boxes timing indicates more up time for bulls.
seperately, $vix timing also indicates this potential.

5). market close update and the rest: contact me if you want one.