Watch These Market Levels Right Now To Avoid Whipsaws

Welcome back everybody! It’s always exciting when things that we talk about stand the test of time. You see them happening over and over again.

This morning we had a situation where I was focusing on the S&P at the speed lines, the RUSSELL’s high was at the speed lines, the DOW was very strong, and the NASDAQ was just a mess. I said that we either have to start to break above the speed lines and go away with the DOW, or break below the lows for things to come through. The only real change at the end of the day was that the DOW flipped around

You will see that we stayed down below the speed lines on the S&P, we stayed below the speed lines on the RUSSLL, and we stayed below the speed lines on the NASDAQ. The DOW was the only one that flip flopped.

I have explained the Goldman Sachs concept to you a lot. I said that first we wanted to break through the 240 level. I said that could lead a run to 245. I wanted to do that because that could’ve lead to a nice run. It ended up hitting all the resistance levels that I warned you about. We are once again under pressure here. We are down about 2 dollars at this point. That is keeping us from going anywhere fast. Right now we are stuck. These have been historically great levels. We have bounced off of these rising support levels.

Take a look at the DOW. How many accumulation bars have we had the last several days? If we can start pulling away from these areas below the channels and accumulation bars from today or Friday, we could have some really nice selling. The S&P and RUSSELL peeked its head just above the speed lines. The DOW was above as I showed you earlier. We made a poor attempt to get through the speed lines. There were just too many resistance levels there. We have to break through those levels to the upside or break down through those levels to the downside. That could really open up the flood gates. Today was a coil up day. The NASDAQ is an inside bar. Three out of four were very close to where they were first thing in the morning. Only the DOW had a bigger move. That is attributed to Goldman Sachs though.

These are the key levels now. Pay attention very closely to Friday’s high and low. That could give us some great clues for break out and break down opportunities.

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