Weekly Stock Charts [Box Theory]

Jonathan Parsons Rank: 88 Followers: 7 Votes: 2 Years Member: 11 Last Update: 20 October 2014, 7:53 Categories: Chart Patterns
Trend Analysis
Volume Analysis

Oct 8th 7:50A: We got the lower low, but we're coming down too fast + hard right now. We need to see some mild distribution or a major accumulation day to signal that the turn is in. My long-term stance is still bullish, but we're seeing more technical damage to the charts than we have in a long, long time. However, markets don't just go from all-time highs straight into oblivion. There's always a lower high on the weekly first. That means that we should at least get a major bounce (even if don't make new all-time highs). That's the most likely outcome in my opinion over the next month or so. Very short-term, we could certainly touch 1900 or the 200-day in the next week or 2. Good luck all. Sept 24th 7A: It's interesting to me that all the traders saying that everything looks 'stellar' 5 days ago are now in the doom & gloom camp. My take is that we're still in a sideways trading range. There's some divergences on the charts, but you have leaders like GPRO & FB banging on new highs. As long as the leaders keep pushing new highs, that's a very positive sign. It's a seasonally weak time of year & we're seeing some weakness. That happens in bull markets. We could go down 5+%. Ideally, we'll undercut the 1978 low, former a lower low, allow for some positive divergences to replace the negative ones & rip higher. That's been the pattern all year. The indexes get just ugly enough for all the bears to say, 'this is it! she's going down 20%!' and then we get this vicious V-shaped move up followed by a slow grind higher which is based, in part, on squeezing all of those same bears out. My indicators say we're still in a S&P500 bull market, so I'm sticking with that thesis until it changes. Good luck all.

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