Originally Posted by
siriusly_invested
Do two "clueless" observation/opinions equal a positive indication? Probably not, but if I may elaborate a bit on the chart of end of day yesterday, here is what I see.
First of all there was a Death Cross drawn back in the first week of December (price point then was a shade under $600). If anyone has been as excited as I have been when dealing with a Golden Cross, then the Death Cross ought to scare the heck out of them. Death Cross being when the 50dma descends across the 200dma. Sure enough,while the downslide had already begun, it was certainly accelorated a couple days later, with seemingly no end in sight as of close of business yesterday.
There may be one developing positive sign however, that is if you have read "Stikky Stock Charts" and you subscribe to their theory of price rebounding off of the upper and lower trendlines after the third touch has occurred. From that scenario, it could be that we have seen the bottom at the lower trend line yesterday with it touched and began an apparent upward shift off of $439.88.
I suppose we watch carefully on Monday to see if that rebound will be confirmed, and if so, then perhaps we can be hopeful the recovery has begun. Personally, I think I will hold my trigger until at least the sp has gained momentum to carry into that gap which appears at 468 to 480 or so. If it makes it that far (IMHO) without falling back to the lower trend line, then I think I'll feel confident in buying at that gap and beginning the ride upward. Now, how does that sound as my attempt to sound just as clueless as the next guy. Everyone deserves an educated guess............... that's mine for now.