tag:blogger.com,1999:blog-2335748440449035592.post360569843269178246..comments2008-12-08T21:17:34.807-05:00TraderMarkhttp://www.blogger.com/profile/06241756200482130281noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2335748440449035592.post-84758264485920652952008-12-08T21:17:00.000-05:002008-12-08T21:17:00.000-05:00lemon lime; remember the market has made some 10% in less than 8 hours of tradingGuy M. Lernerhttp://www.blogger.com/profile/09198161809721597881noreply@blogger.comtag:blogger.com,1999:blog-2335748440449035592.post-25729223114411205792008-12-08T16:11:00.000-05:002008-12-08T16:11:00.000-05:00Sounds like we are of similar thinking then.<BR/><BR/>Are you more of a cherry or orange fan? (mmm Kool Aid)TraderMarkhttp://www.blogger.com/profile/06241756200482130281noreply@blogger.comtag:blogger.com,1999:blog-2335748440449035592.post-67936918097816314252008-12-08T15:55:00.000-05:002008-12-08T15:55:00.000-05:00TM<BR/><BR/>I have updated my battle plan (as well) with complete levels where selling should ensue or where there might be stress in the rally. <BR/><BR/>For the SPY, the price action has been good with a weekly close over 86.78. Currently, prices are trading to resistance levels at 90.13. A weekly close below 81.78 would be serious technical damage. A weekly close below 86.78 implies weakness and increasing caution.<BR/><BR/>For the QQQQ, prices are currently probing the upper reaches of a resistance zone as determined by the key support level at 29.72 and the highs of a positive divergence bar at 29.35. A weekly close over these levels would be very bullish and likely catapult the markets into a mutli week rally. For now and until further notice, the current price action in the QQQQ is suggestive of a bear market rally into resistance.Guy M. Lernerhttp://www.blogger.com/profile/09198161809721597881noreply@blogger.com