Short post tonight. I didn't trade today in the shortened period and I will watching the inauguration tomorrow morning like much of the country. So, expect low volume and be careful. I wanted to post this chart, though, in case it helps.MG
Monday, January 19, 2009
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Hello MG,
ReplyDeleteYour two yellow lines, which more or less correspond with resistance at 846 and 853.25, were easily broken during the night session. The market was stopped at around 866, an area with high selling volume from last Monday and Tuesday. Resistance areas became support afterwards, but were broken in the early morning to the downside and indeed never touched again in the shortened day session. In my opinion this overnight activity was an essential element.
Thank you for your sharing your remarks.
Jozef
Jozef,
ReplyDeleteGreat comments. That is the way to form a directional bias that makes sense.
MG