Point and Figure charts make it Brain Dead Simple.
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Monday at the close. More buy signals than sell signals and more to X's than to O's. Just as we saw when demand started to weaken we are be seeing increasing demand. |
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292. $INDU
Turned around at 14859 at the point where is was a double top and now is support.
33. $BPINDU - Default Style
June 7th. 26 of the 30 DOW componensts still on a PnF buy signal.
May 8th! 28 of 30 DOW components on a buy signal . AKA demand.
36. Russell 2000 Small Cap Index ($rut)
June 17th! The 20 day SMA is being challenged by price.
The TED LINES won't change (they have been posted in advance for months and sometimes years) and they are where price will change momentum or direction.
Just look at the numbers with the (HL) for horizontal line and what price does when it gets there.
Support and resistance is not based on pivot points, or theory, it is based on objective analysis of price activity over the life time of a trading instrument.
The only thing we can objectively define in advance is support and resistance. What else do you really need to know. (except understand the methodology to find it) Support and Resistance based on price analysis may be objectively defined.
You are the judge! You can evaluate the outcomes on these charts.
www.thetedlines.com
37. $RUT PnF Box size change based on volatility.
Back to the top of 2011 and so simple to see. Look left to be right at the previous X at 865. The high was actually 868 but the box sizes are around 9 dollars between moves so a breakout would require price to move to 875 or higher. The (1) is for January.
411. NASDAQ 100 Shares (QQQQ) candle
June 17th! The 20 day SMA is being challenged by price.
Close April 11th 69.99. The same as the intra-day high of September. Got to look back to be on track.
One message! If you know how to accurately find support and resistance you can make it work for you.
If you don't know, you don't know! It's in my e-book!
It is all about objectively defining where price has changed momentum or direction in the past. These are the TED Lines and they are posted in advance are are light years ahead of any other indicator.
42. QLD - 60 min Candlesticks, 780
Just a line can be so helpful.
43. QID - 60 min Candlesticks, 780
770. $INDU - MONTHLY Candlesticks, 780
HIstorical high in 2013 and if you look back to 2009 the low of 6469.45 was on March 6th, 2009.
771. NYSE Composite Index ($NYA) MONTHLY CHART
Reality check! Look left to be right!
772. $NYA - Daily Candlesticks, 780
June 17th! The 20 day SMA is being challenged by price.
May 24, 2013 Two days at support (9358) after hitting resistance.
May 22, 2013. The Ted Line at 9670 is not new. It was shown on video on this same day 5 years ago. You see it works. Price has a habit of repeating itself.
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