ShepWave
ShepWave Critical Updates for Thursday Published
by ShepWave.com
Posted: 11/16/2011 22:33 EST
IMPORTANT END OF DAY NOTES FOR THURSDAY
We saw the indexes break a key support line this week. Finally, today, the Dow Industrials Index broke the support line which has been in place for Six Weeks.
All Traders and Investors need to pay close attention.
As mentioned yesterday and today, there is a possibility that we 'saw' a wedge and things could reverse, so watch the action closely and use the additional confirmation marks given by
ShepWave to support the trend.
Remember markets do not go straight UP or straight DOWN.
The indexes have been in a trading range for a while now. Some fairly easy short term profits have been available for those watching the key trend lines and trading accordingly. Wednesday was a prime example of this fact.
This trend channel will not last much longer. We should see a critical break very soon. Pay close attention to the triggers and targets in tonight's updates. Also note the triggers and targets in Crude Oil and the VIX as these indexes will be used to confirm the trend in equities.
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Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA.
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