Ok, by the number of lines there is a ton of support and resistance in here.
This trend has gone on for 2 hours. this is smelling like it may want to have a midday correction.
At this level there is a ton of Support and resistance.
When you draw a trade channel there also is support and resistance in the center of the Channel. I don't know why... there just is. If you notice we have the Blue midline support, we have the Red horizontal resitance which after breaking is now support. I suspect that we will hold here. But I am concerned. I will become Extra concerned if we break the lower yellow trend, If we do I will suspect that quite quickly we will test the Lower Blue. When Day trading, Breaking the Blue midline support is a great exit... with what looks like a tired trend.
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Thursday, July 10, 2008
Micro level
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