The above chart shows the daily close of the S&P 500. Take special notice of the small brown T within the much larger Orange T on this chart. This small T expired on Tuesday of this week March 2, 2010. It is hard to tell how much influence the large orange T will have on the expiring brown T and the direction of market prices at this time. It should be noted that the market has noticably slowed in the last two days since this T expired.
The two (2) charts above show the intraday 10-minute prices of the DIA or Diamonds. The Diamonds are an ETF that is a proxy for the Dow Jones Industrial Average. The current brown T is similar to the brown T in the daily S&P 500 chart. The brown T in the DIA 10-minute charts will expire at 1:10 PM on Friday March 5,2010.
George Rahal has pointed out on his blog White Magic and its Exposure that markets have a tendency to top out the day that job reports are announced. The monthly job report is due at 8:30 AM tomorrow Friday March 5, 2010. With all these negative signs, I am looking to put on a short position Friday afternoon. I will post my observations and any executions when I do. DC
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2 comments:
Thanks for this update, DC. It helps to get confirmation from separate analysis. I was hoping for an update.
nice website!!
Thank you.
...(I'd be pleased if you exchange reciprocal link with me.)
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