ShepWave
ShepWave Important Pre-Market / Intra Day Update for Friday Published
by ShepWave.com
Posted: 10/10/2013 19:44 EST
Isn't this fun? Markets moving predictably even though they seem to be volatile and confused according to most pundits. You can't make this stuff up. If you have been following along closely with the analysis, even during the Government shutdown, you see the patterns unfolding.
Note that we did see the bounce off the short term support line as shown in the 60 min Dow Industrials chart in Thursday's Pre-Market Update. Some of the short term buy signals were triggered on Wednesday.
The key is to keep in mind the analysis we have working on the different time frames. Note that while most of the ideal bounce targets have not been hit yet that we will be watching for reversal signals anyway. There are some indicators that should cause one to be cautious in long side positions.
Hopefully over the last few weeks traders are understanding better how not to necessarily feed into the news to gauge market moves. We do not totally deny the news events; but we understand the charting patterns and how that they actually will signal the moves and aid in the identification targets.
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2:52 PM Important Intra Day Update Published
Is it time to switch back to being short? Note that the targets in two of the main indexes (ETFs) have been hit if this is a wave 2 rally. But there is still one (index) that actually has not hit the ideal target as issued previously.
Read the analysis closely. Watch the key trend line I am using in the SPY to gauge opening new positions. This is an important mark.
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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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