Just for the fun of it, print off these charts and bring them back out at Christmas…
CLICK TO ENLARGE
Will we remember QE2 or action that should have been taken at (1) due to the “Power of the Pattern?”
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I dont think chris would tell to wait till 1219. I bought the breakout with a stop suited to my risk tolerance. If you are conservative, better wait for next week, cause lots of volatility possible this week.
Probably needs to clear 1219.
Chris lives in the mid-west!
Continue referring him to your friends – he’s more accurate, honest, consistent and more diligent than most.
So, is the consensus that we did in fact break and close above the critical line? Or do we need a few days to see for sure?
Cheers,
E
Sam,
Thank you for this comment. Couldn’t agree more, that I need to be accurate.
QE2 was to be announced at 1:15 central, I created the post at I believe 2:24. I was 9 minutes past the “60 minute” mark. My post was referring to the fact that we were ONE HOUR LATER, nothing more than that. I attempted to get the post as close to “60 minutes” later and I should have done better!
So much emphasis has been put on this announcement, which I thought would be a non-event in our near future. As you know I am a “price” guy, not a news event decision maker. So I was attempting to make fun of our fast past lives, wondering if “60 minutes later” did we really remember the hype.
Sam I deeply appreciate this email! I can tell you care and please know that I care too. Thanks for keeping me on my toes!
Chris
P.S. as you know, around the announcement, the market was moving pretty fast….At 1:15 central, at the time of the announcement, the 500 index was trading at 1188.55. At 1:30 central the 500 index was trading at 1185.48.
Just wanted you to know the chart “WAS NOT MADE” pre-QE2.It traded as high as 1,196 in the window between 1:15 and 1:30. I did try to capture the chart as soon as I could after the event, in a fast market.
Chris,
you have to be more careful when so many people are visiting your website. The topic of this chart is “60 mins after QE2”, but your charts are “pre-QE2” numbers. Exactly before QE2 news, spx was 1189. Exactly 60 mins after announcement spx was at 1196.81, and the action is missing in your chart. I am fan of yours and recommend your site to all my friends, but i would regret seeing low quality work on your website. The timestamp on your post indicates you posted this 1 hr or later, after the announcement (i was busy buying) – so the chart should have been more upto date.
So, there you have it ….. a critic, to keep you on your toes – dont take it personally.
🙂
I’m not Chris, and I don’t have a fraction of his skills, but here is one guy’s observation about the breakout question.
Perhaps some facts might be of interest, drawing from Chris’ post yesterday regarding the four major markets at resistance and a response to a possible breakout.
Dow is now up about 100 points = .8%
DJW is now up about 2 points = .8%
NYSE is now up about 100 points = 1.3%
S&P 500 is now up about 14 points = 1.2%
(Note: The noted percentages are relative to the values used in Chris’ post of yesterday in re the four major markets he used, not their closing prices yesterday.)
As for myself, I’d like to see a bit more upside to demonstrate consistency before concluding that a breakout has been confirmed.
Chris, so a close of the S&P at 1198 is not yet confirming a breakout?
I see still nothing. Volatility more than expected. But where the market goes at(1)?
Game plan pending decision from the herd.
Lot of volatility without a breakout 🙁
Hi Chris,
but we have to waith today close or do you think breakout is alredy done ?
we are lost without you…