Category: General Market NewsSort
We had lot of intra-day patterns formed today including, an ascending triangle, a descending triangle, a wedge, a double bottom, and flags. Each pattern led to another which is the reason why pattern recognition is so important. If you didn't know what the chances of a breakout of breakdown was for each pattern, then you'd be SOL and would be trading at the mercy of the market.
If You Need to Get Rich Fast... Add a Couple of Weapons
Foreign Currency Doesn't Suffer from a Global Recession
During pre-market, you just have a feeling that there will be a forceful gap that will break through everything. Or, if you don't that gut feeling, you can simply look at a 3 or 5-day chart and look at how the open cut through several support levels. Combine that with the fact that the market didn't even attempt to fill the gap, nor did it have any energy to do so within the first 30-mins.
Still in wacky, neutral, 'whipsawing like crazy' consolidation! Volume remains extremely weak and has declined since the start of the triangle. It is still tough to say which way we will breakout, but right now, it still remains 50/50. Here are the 1-day, 3-day, and 5-day charts for the DJIA and NASDAQ.
Over the past few weeks, if you had been glued to news reports from the “mainstream media”, you would be excused if you held the view that the U.S. was on the brink of a second Great Depression. However, while the economy faces difficult quarters ahead, there are significant reasons why it is inaccurate to call this a looming depression.