Update on Silver
Posted by MC on Aug 17, 2008
Just WOW! I wasn’t expecting that big a move that quick otherwise I’d have posted the weekly chart as well.
I would think the weekly 200ma will provide some basing here, let’s watch this unfold.
Things to look at on a weekly DJI chart
Posted by MC on Jun 24, 2008
I called for a pullback test back on April 18th. I never thought it would have went this way and taken so long, but here is our test finally. 
Macd and macd histogram divergence on last weeks close, which is lower than the prior closes. 200ma is double support backing this trendline as well.
The bigger picture, why can it be important to not solely focus on micro levels and step back sometimes?
In addition to my micro level chart we can now see a more defined channel. Plus much more is visible that is acting as support now. So, we have the downtrend broken and testing (from prior chart), 200ma and a now an added swing high as support. How about a trendline from all the way back to October 2004? CHECK!
This is a crucial but fairly low risk level to get long IMO. If it fails to hold though look out, we could hit 11k fairly quickly if this stuff gives way.
Could get interesting on any hint of a rally, FOMC as Cire pointed out could make things even more testy and jerky.
As always JMHO.
Dow breaks trend, others do not
Posted by Cire2222 on May 20, 2008
Today we saw the Dow close below its uptrend line, Bearish signal. However the S&P and the dow transports (been a market leader)are still holding the uptrend and the VIX is still holding downtrend. What does this mean? Is the Dow leading the way down? I think that this market wants to break down and give us a little correction off this rally. If the S&P breaks back down through 1400 level I would expect the selling to continue. The fact that we broke past the 200MA and the 50%fib couldn’t hold is keeping me bearish right now.
