Monday, January 10, 2011

Top40 end of the week chart


First trading week of 2011 was an exciting one: First two days were up days with small range. Market made 52 weeks high on Tuesday at 28947. On Wednesday bears came out and pushed market lower - some 420 points on close. Thursday was again slow green day, which leaves us with Friday when bears were in control again.

Currently Top40 is trading below 10 and 20 exponential moving averages and that can be a warning signal. If you are trader who wants to catch swings lasting for a couple of days, you should be short already. Next line of defence for bulls is 50 exponential moving average that is around 27950, as well as trend line which is around 28100.

Major indicators are pointing towards more downside. Stochastic is at 45, MACD is around 200 and RSI is at 51. All recorded negative divergences from peak on November 15th and one on Tuesday.

Is this change of the trend?

I don’t think so. Market is so close to all time high that it will probably get there. This must be normal correction where market will get rid of access fat (overbought) that was accumulated over holidays. If you are looking to go long or add to long position, this will be good chance, but don’t rush into it and wait for a bit more downside.

Trade with trend!

6 comments:

Sam said...

Hi Igor,

DO you have a e-mail address, I would like to drop you a mail.

Kind regards
Rob Van Eyden
Irene

Alsi Trader said...

Hi Rob

You can use millenicom (at) gmail.com

ninest123 said...

chanel handbags, gucci outlet, michael kors, louboutin outlet, louis vuitton outlet, oakley sunglasses, prada outlet, oakley sunglasses, nike outlet, ugg boots, uggs on sale, ray ban sunglasses, longchamp pas cher, oakley sunglasses, nike air max, louboutin shoes, burberry, louboutin, polo ralph lauren outlet, longchamp, louboutin pas cher, longchamp outlet, louis vuitton, ralph lauren pas cher, tiffany and co, air jordan pas cher, jordan shoes, tiffany jewelry, nike air max, kate spade outlet, christian louboutin outlet, louis vuitton outlet, replica watches, prada handbags, cheap oakley sunglasses, louis vuitton, ray ban sunglasses, ugg boots, longchamp outlet, sac longchamp, oakley sunglasses, polo ralph lauren outlet, nike free, nike free, tory burch outlet, replica watches, air max, louis vuitton, nike roshe run, ray ban sunglasses

ninest123 said...

michael kors outlet, kate spade handbags, true religion outlet, nike air max, coach outlet, ralph lauren uk, timberland, michael kors outlet, michael kors, hollister pas cher, michael kors, air force, michael kors outlet, nike roshe, tn pas cher, north face, coach purses, nike free run uk, hogan, ray ban uk, north face, vans pas cher, mulberry, michael kors outlet, sac guess, ugg boots, new balance pas cher, michael kors, nike air max, true religion jeans, hermes, replica handbags, true religion jeans, true religion jeans, michael kors outlet, vanessa bruno, nike blazer, hollister, burberry outlet online, coach outlet, michael kors, burberry, nike air max, lululemon, converse pas cher, lacoste pas cher, ugg boots, abercrombie and fitch, oakley pas cher, ray ban pas cher

ninest123 said...

herve leger, converse outlet, p90x workout, ralph lauren, mcm handbags, nike air max, new balance, hollister, gucci, birkin bag, chi flat iron, louboutin, ferragamo shoes, oakley, ray ban, hollister, nfl jerseys, converse, asics running shoes, hollister, ghd, longchamp, wedding dresses, soccer jerseys, iphone cases, insanity workout, north face outlet, vans shoes, giuseppe zanotti, baseball bats, abercrombie and fitch, reebok shoes, vans, nike trainers, nike huarache, north face outlet, mac cosmetics, valentino shoes, nike roshe, instyler, bottega veneta, mont blanc, soccer shoes, nike air max, jimmy choo shoes, timberland boots, lululemon, babyliss, celine handbags, beats by dre

ninest123 said...

montre pas cher, ugg pas cher, moncler, louis vuitton, bottes ugg, coach outlet, canada goose, thomas sabo, pandora jewelry, barbour, links of london, toms shoes, moncler, moncler, replica watches, juicy couture outlet, swarovski crystal, juicy couture outlet, canada goose, pandora charms, canada goose outlet, wedding dresses, pandora jewelry, louis vuitton, marc jacobs, lancel, canada goose outlet, canada goose, louis vuitton, canada goose, ugg,uggs,uggs canada, moncler, moncler, moncler outlet, ugg,ugg australia,ugg italia, pandora charms, canada goose uk, barbour jackets, karen millen, swarovski, doudoune canada goose, louis vuitton, hollister, sac louis vuitton pas cher, moncler, moncler, supra shoes, ugg boots uk