Re: a look at the S&P weekly chart

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In Response To: Re: a look at the S&P weekly chart ()

Good Sunday morning Ronbo and Randolf....there's a 33 % chance that the market will continue lower, 33 % chance it will range sideways and destroy your nerves, and a 33 % chance it will continue up at least high enough to take out a reasonable stop loss. Statistically speaking, the prior weekly candle has no predictive value as far as the up coming weekly candle....except one thing. The up coming weekly candle will probably include a portion of last weeks trading range. Unfortunately there's no way of knowing if the overlap of the two ranges will be in the upper area or lower area of last weeks range.
About that weekly candle closing near the bottom with little bounce....similar candles occurred on 12-28-12, 06-01-12, 11-25-11, and 08-19-11 followed by big white candles the following week so I don't think thats a viable consideration.

TIMWAR