As you can see above, the NDX has not only broken a double
bottom, it's also broken a descending triple bottom.

It's all a bit quick and knee-jerk to me. Not sure how far it
will fall, but I would expect at least a retest of 1360 from
underneath when/if it turns.

NDX will influence the S&P, which has also just broken a double
bottom, but made, not yet broken, a descending triple bottom.
That chart follows.

S&P

X

1160

X

X

O

X

1150

X

O

X

O

X

O

X

1140

X

O

X

O

X

O

X

O

1130

X

O

O

X

O

X

O

1120

X

O

X

O

X

O

1110

X

O

X

O

X

O

1100

X

O

O

X

O

1090

X

O

O

1080

X

O

1070

X

X

1060

X

X

O

X

1050

X

X

O

X

O

X

1040

X

O

X

O

X

O

1030

X

O

X

O

1020

X

X

X

O

X

1010

X

O

X

O

X

O

X

1000

X

O

X

O

X

O

990

X

O

X

O

X

980

X

O

O

970

If that breaks, I can see 1030 on the cards.
The chart is being followe by the Dow Jones Eustox50,
as can be seen in the following chart.

X

2940

X

X

O

X

2910

X

O

X

O

X

O

2880

X

O

X

O

X

O

2850

X

O

O

X

X

O

X

2820

X

O

X

O

X

O

X

O

2790

X

O

X

O

X

O

X

O

2760

X

O

O

X

O

X

O

2730

X

O

O

X

O

2700

X

X

O

X

O

2670

X

X

O

X

O

O

2640

O

X

O

X

O

X

O

2610

O

X

X

O

X

O

X

2580

O

X

O

X

O

O

2550

O

X

O

X

2520

O

X

O

X

2490

O

X

O

2460

O

X

2430

O

2400

If that triple descending bottom breaks, I would expect to find
initial support at 2550.
Which brings us to the boring old FTSE (UKX)

UKX

X

4600

X

X

O

X

X

O

X

O

4500

X

O

X

O

X

O

X

O

X

O

X

O

4400

X

O

O

X

O

X

X

O

O

4300

X

O

X

X

X

O

X

4200

X

O

X

O

X

X

O

X

O

4100

X

O

X

X

O

4000

X

X

3900

X

X

X

O

X

3800

UKX is still on a double bottom, still, believe it or not,
range bound.

Swing chart is down, as is all the others. Surprise, surprise. :-)
We've filled the gaps we left lower, as I pointed out last Sunday,
but have now left gaps above.

I wouldn't go long just yet, I need to see where the NDX and S&P
bottom and maybe carry on following them down short with tight stops.
There will be an oversold bounce as Bears take profits and the Bulls
try and squeeze them.

Still can't see into the future, so will let the market guide me, as usual,
when to turn from Bear to Bull.

Melnibone.

in the press two things catch my gaze.manu takeover? would expect magnier/mc manus to sell their stake if the price is right.morrisons to sell a shed load of shops to walmart.

For all you Bank fans, caught up in the current M&A frenzy.
This is where we're at in the downtrend channel. Note the slow
stochastic which has been pretty good at calling the turns so far.

Just to put another nail in position on the coffin lid as I raise
the hammer, LLOY, HBOS and RBS all go hefty ex-dividend this Wednesday. ;-)

Don't let any of the above put you off if you fancy a Bank or two, though.
Trends don't go on forever, and it is only my view.
Would seem to be a strange time to call a trend change though, with
all the major Indices looking like they are, and the above chart
looking like it is.

Melnibone.

Thought you might like to look at a proper Ftse chart after all my
'Noughts and Crosses' ones above. :-)

Note how the 20&40 Ma's have been criss crossing with the year's
range trading. Pretty pattern, eh? :-)
But look how they are now both starting to look after that lower
major high at the end of June. Also note the point where the slow stochastic
is now in, in relation to its cycle.

Although as said previously, I'm looking for an oversold bounce in stuff
when it bottoms, I'm not going to get longterm Bullish unless some
important resistances get taken out on good volume. I'll still be looking
for swing highs to short.

Managed to get a good few posts in this evening, to show what I'm looking
at for anyone that is interested. Now its back to the flooring for the
week with the odd post when I can.

Make your own luck. Work out your stategy of how you want to play this
in advance.
Maintain discipline, have patience, and wait for your long or short
entry points. Don't panic or jump in prematurely.

Melnibone.

Your on a roll today Melnibone

Hi Martini,

With all this work on, the weekend is the only chance I'm getting
to do any research and formulate my strategy for the week ahead.
Thought I'd share it with you all whilst I was at it.

I usually download the weeks raw data into my Psion handheld computer on
a Saturday. I can then relax in bed, propped up on plump pillows on
on the Saturday evening whilst I convert it to normal charts and
P&F charts. Upload it to the laptop on a Sunday, have read of the news,
and it's then ready for posting here with a few views.

Hope it's of interest. Wouldn't mind hearing some other folks views, though.
Come on guys & gals. Don't be shy.:-)

Melnibone.

Melnibone
Well not a lot of traders in the Investors Room but more in the Traders Room 100 to 200 posts a day on the Traders thread.
Maybe worth a look?
M

Thanks Melnibone - many from the traders room will read this thread, but not
post, as they only have time to post "over there". Thats why I've posted over
here, even though I do keep an eye on what they are up to. I've stopped
"trading" and am holding some cash at the moment, as a few stop losses have
kicked in over the last few months. I'm in no hurry to get back
into the market, as things are. So have gone back to work full time, to
occupy my time, and stop temptation! (As well as stop me from spending the
cash I have, and provide some extra cash in the meantime).

Although the fundamentals say prices are should be higher, because they aren't
that says to me something else is holding prices back. Your TA makes me think
I'm right waiting. I made the mistake a couple of years ago, of getting back
in too early - and I don't intend to make that mistake again!

morning all.

Morning - slow start.

morning all

mornin all no live stream or charts here, common problem ????????????

Douggie,

We are cusrrently experiencing problems with our live streaming services.

We are working to resolve this and hope to have the services back with you as soon as possibel.

Regards


Ian

same here douggie,whats gone wrong?