by David Grandey, All About Trends
Yesterday (Thursday, October 6) we said:Today is the 3rd up day folks, all right up to numerous resistance levels. BE CAREFUL here with regards to putting new money to work on the longside for a few days.
Usually on the 3rd to 4th day watch for a reversal and here we are sitting at resistance and its the 4th day. For us to go sideways or down isn’t out of line here.
There was a see-saw battle Friday, but the major indices finally ended lower. We only spotted two that were positive for the day: The Dow Jones Utility Index and the Philadelphia Semiconductor Index. We show the following charts, viewed in the middle of the day Friday, because they make clear there is still a war between trading channels moving in opposite directions.
60 Minute Time Frequency charts
Daily Time Frequency Charts
So, enjoy watching your football channels this weekend. The trading channels will need your attention again on Monday morning.
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About the Author
David Grandey is the founder and CEO of All About Trends, a subscription based newsletter service focused on helping individuals secure consistent profits in the market by trading what they see, not what they think, hear or fear. The focus is on how to trade uptrends, downtrends and changes in trends. All About Trends offers a free newsletter at www.allabouttrends.net and a free report — “How To Outperform 90% Of Wall Street With Just $500 A Week.”
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