Price @ $13.09
Support @ $12.29
Pivot Point @ $ 12.91
Resistance @ $13.53
On top of the need for BAC to retrace before it goes higher, the SPX will retrace as the market as a whole falls to lower levels.
Go ahead, and ask yourself, honestly, how well is our economy is doing today. We've moved to far too fast and were coming down!
The next few days will be interesting. BAC's close to the upper Bollinger Band. I'm interested to see if your thought about "lower highs" holds as we undoubtedly take a breather on the DJIA.
The Cramer pump (which I haven't seen yet, but will watch tonight) could set up for a strong open if not a strong day tomorrow, but there isn't much room to the 13.43 upper band. Last time Cramer pumped, we peaked .50 above the upper band and very quickly came back down.
In a display of how bad my market timing is, I got out at 12.80 today. Good news is that I'll sleep well because I didn't take a short position. That said, I wish I was holding long into the morning.
Happy Trading to you. Interested in what you're predicting and what it will take for you to make a move.
Go to www.level2stockquotes.com and put up a 10-day, 15min chart. Moving average on SMA 3-line and choose 26,52,338 periods (equates to 1,2,13sma's.)
I'll say the points to watch at the open are 12.98 and 12.76. There's also the 13sma line at 12.60 as support. If we open above the close or pull back to the 1sma line, you can reasonably go long for the day. I watch the 2sma line for inflections, which usually serve as good entry points for longs and shorts in swing trades. Works far more than it fails. GLTA
A close above $13.69 with 3 subsequent day’s not closing below $13.69 (confirmation) with above average trading volume would change my mind on my short term bearish position!
Ahsan shows the symmetrical triangle and the congestion we have been experiencing since the beginning of June!
Are we heading to $15 or are we heading to $11?
His fork seems pitched to high. I would suggest a flatter median. Also, I believe any price point more than 3 months past is irrelevant considering the length and breadth of the sideways trade, the amount of new shares issued at market or converted, etc...
I used to believe that we would see $14/$16 by December and then see $20/$22 by next April but I now think those numbers are too generous and believe BAC will struggle for longer than originally thought!
All this upward movement in below average volume.
What else is new!
The market will tire soon and I'll be please to cash in on my short term bearish position!
I'm going out to get some sun!
Beginning to think that we will see one fairly large and fast movement upward. And when everyone gets giddy viewing this event the shares will begin to sell off!
All happens before very long (4 weeks)!
Man my tan is getting ridiculous!
It's almost as funny as listening to CNBC!
Did they warn everybody of the 1997 crash?
Did they warn everybody of the 2002 market crash?
Did they warn everybody of the 2007 market crash?
No they did NOT.....
the pin heads get paid to peddle good news and happy thought and not so good new and happy thoughts about securities so retail players like us can be disadvantaged.
BAC is getting primed for a retracement! I'd like to be wrong but the longer this knuckle heading around occurs the greater becomes my conviction!
Great points as always, However, if you really want to make a killing very fast, I strongly suggest that you consider shorting JAZZ, BCRX, and TRGT. With JAZZ in particular, today's 40+% rise begs the question: "Where's the beef?"
On no news, it suddenly jumped well out of his typical trading ranges that have been between the low 4s and and 3s.