Thursday, January 27, 2005

"N" days are fun days :P

After close analysis:

Looks like market is ready to go up. C&H pattern on AB signaling more upside and also there's a sloping basing pattern developing on "range" chart. Nice 6bo on AB with auto-target reached. Looks like dow wants to go down another leg before resuming upward.

Observation(s) of day: RR pattern on Addq with a lower opening then retracing to bottom of yesterday's bo range. AB likes those 2 emas I guess (thanks gurl for pointing that out).

Market breadth had an "N" pattern today on all 3. Choppy with emas curling but with a long bias so far.

Futures had an "N" day, seesaw on emas (sheesh!). AB found support on lower ema and reversed to upside. There was a nice 6bo to the downside with profit target hit followed by a 2bo off the ema. NQ and ES had same price action with lower consolidations just below emas.

Indices except dow were strong! SMH & SOX really continued their run from yesterday and are holding solid above their emas.

Overall positive day!

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