Sunday, February 1, 2009
Weekend reviews
DJI Weekly: This time is different! Started from DJI 14198 peak, this is the 4th set 4-red-weekly bar, but this time the last one is not LL/LH bar like it did in past 3 times, this time, it is a HH/HL inverted hammer bar, bullish!SPX weekly : the past week was resistance D and E double penetration, inverted hammer, HH/HL.
AAPL Weekly : Weekly HH/HL peak inverted hammer candle, R1 cleared, and R2 penetrated, 90% chance to see another mid size weekly candle for next week, so, close near $100 by next Friday?
AMZN Weekly : one big green engulfed past 7 weekly bars, strong bull action. MBB passed, next target is UBB at 73+.
The actions you see on RIMM/AMZN/AAPL in past month are "buy and hold" action, even when mkt went lower, you didn't see them repeat LL/LH pattern, this is bull mkt action not bear mkt action.
Those are leading indicators, with typical bear mkt action, you should see AMZN gap up in the morning and close the day with a big black daily candle... that would be an action "sell/short on good news, and buy back later"... but what you saw is opposite, you saw traders are not affraid of bidding it higher, and "buy in and hold it tight" at a session high price...
This means: confidence of "buy and hold" is back, at least on some of those strong leading names...
SSEC Daily : watch 2018.51 tonight, if break out above it, that is bull flag break out.
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