Friday, October 21, 2016

This week's turning point in stocks

Original article

I don't see how we can possibly take out either last weeks high or low, like we should if this is indeed a turning point.  Also, I don't know if we got a directional change either.

The charts, for the most part, look the same, so I'm not posting a new one. 

My interpretation is that we got a turning point low last week, and are riding that into this week, and are getting a high, but lower than last week's high.

Polny is calling for a down week, and I am probably on board with that. 

UPDATE!  Some extra info

However, the main bank of support lies at 17710 followed by 17330. Only a weekly closing below 17330 would hint of a more serious correction. We did rally back and closed above technical support at 18068 last Friday. Now we need to pay attention to this area for a breach of 18050 should mean PAY ATTENTION. A break of 17990 will be more of a warning and this means last week’s low of 17959.95 comes into play. This would warn of a possible drop to 17710.

This is on the dow.  I believe these are all weekly numbers.  We touched 18050 this morning and bounced off of it.  So just watch the close.  If it's close to 18050 but above, I will probably do nothing.  If it's below 18050 I'll be short for next week.

I think it's going to close below 18050.  We are close enough now that I don't think there's enough upside to play it before then.  It's a .1-.2 drop from here.

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