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Michael Noonan Edge Trader Plus Michael Noonan is the driving force behind Edge Trader Plus. He has been in the futures business for 30 years, functioning primarily in an individual capacity. He was the research analyst for the largest investment banker in the South, at one time, and he... More
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  • S & P - Wrong Is Wrong. Moving On Up. 0 comments
    Apr 20, 2011 11:38 PM

    Wednesday Evening  20 April 2011

      The observation of spacing on the weekly chart stands out like
    the proverbial sore thumb, as of last night, so how we missed it
    previously is just one of those things.  When we looked at the
    weekly chart, Tuesday evening, scanning for set-ups/information/
    formations, it was like a beacon shining only on that part of the
    chart, previously unseen.  Sometimes the hardest thing to find is
    under the brightest light.  Spacing, spacing, spacing.  It is a
    concept with which we are very familiar but simply did not see on
    the weekly chart.  [See S & P - Weekly Charts At Odds With Daily?,
    click on http://bit.ly/gshKah, paragraph after first chart.]

     The only thing positive that can be said is the wrong perspective
    did not result in a loss because we never got a confirmation signal
    to sell.  Today's chart is a monthly, just to show where price may
    now go, on the upside, of course.  The downside target of 1240
    area has been dismissed, for now.

     The last swing retest high after 2007 was at 1441 in May of 2008,
    and in June of 2008, the high of the wide range bar down was 1401,
    and this is where the S&P last encountered difficulty.  Now, no one
    knows how the market will unfold from here...there could be a failed
    high anywhere in between, so this is just to establish some new
    parameters while looking for potential buy opportunities.

     

    S&P M 20 Apr 11

    Themes: SnP, SPY, QQQQ, Dow
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