Thanksgiving abbreviated Globex session:
NQ is up 10.75, stalling at 2016.50 resistance (old gap open from last week). ES is up 8. QM (oil) is down at 96.55.
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on Thursday, November 22, 2007 at 11/22/2007 12:23:00 PM.
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11/23/07 11:01 AMI received this e-mail from Michael, which I will post as a comment. It would definitely make things easier for bulls to achieve these targets by the end of the month. Good feedback, thanks Michael.
"With the monthly SPX in November, for the bullish case to continue . . .
I grant you that 10MA (which has had 4 false signals since 2003) needs a close over 1476. However, . . .
10EMA (which has had only one false signal) only needs a close over 1465.
11EMA had NO false signals and only needs a close over 1461. In addition, it still got you 'in' at the end of April 2003. IMO, at the end of the month is OK because the EMA needs to close there to be valid.
12EMA (one for each month of the year) had no false signals and only needs a close over 1456.
Finally, 13EMA (a favorite Fib number of mine that works VERY well in shorter time frames as well) also had no false signals and only needs a close over 1451.
The bottom line is that a close over 1451 (which is obviously more doable than 1476) keeps the bull alive. A close under 1451 kills it. If that happens, there would be no time benefit on the sell side using 10MA instead of 13EMA as you have to wait for the month to close for it to be valid."
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