2 Attachment(s)
Here Comes The Bounce? - May 9, 2012
Here Comes The Bounce? - May 9, 2012
The setup is unchanged for IWM, waiting for the short entry limit of 79.81 to be hit on a rebound. I would be light with position-size and leverage because yesterday has the looks of an intraday reversal from a potential bottom. The lows of the day briefly undercut the April 4th low by only a few cents before turning higher on strong MF and volume, closing above the 3-day VWAP (blue line (79.06). This is tasting like selling exhaustion with another fast move from a failed breakdown move. Monthly S1 (78.41) is now the clear support reference and a close today above it would comfort the potential bottom scenario.
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GDX keeps acting like a falling knife but the GDX robot’s LT/ST settings remain neutral and are advising to stay in cash.
Quarterly S2 (41.95) is a serious candidate for offering the launching pad nessecary for a much awaited snapback rebound. The last consolidation was broken at Quarterly S1 (45.75) and Quarterly S2 is a logical temporary target for this selling wave.
Today’s porosity for the RT model is 0.092%.
Billy
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Calculation of yearly, quarterly, monthly pivots
Billy,
Would you mind explaining how these are set? I think that I saw in previous posts that they are set at the end of the period, but then again, with software, these could easily be updated dynamically on a day to day basis. Can you educate me (apologize for my ignorance here) on how they are calculated. Thanks
Mike M