My long term view of the SPY…
Posted by MC on Oct 9, 2008
Clean TA…simple is best IMO. Chart speaks for itself as far as I’m concerned.
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.
MC’s Friday night DOW review
Posted by MC on Apr 12, 2008
Hrmmm…thoughts? I don’t like that volume at resistance at all. Tell us what you think in the forums.
I’d much rather have seen low volume on a failure to breakout, seems like possible distribution to me.
I might say that was decent volume, so all effort with no result.
Now the TRIN did close well above 2.0 so the odds of an up day Monday is very high. If we fail to break up we could be in for some hurt and blood.
This chart shows some volume stepping in at a trendline based on the weekly as well as a complete gap fill from back on 3/31. We now have the open gap above formed from todays opening gap down.
I have a bullish bias for the DOW on Monday. It should be interesting, then again what day in the market isn’t interesting? 
