2 Responses to “Market Wrap for November 4”

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1. Guy says:

   November 5, 2009 at 8:11 am

   Thanks Chuck,
   We’re still benefitting from your vids and posts. Sometimes just too busy to leave comments.
2. don chin says:

   November 5, 2009 at 9:07 am

   Hi Chuck,

   Just have a comment about your today’s sharing session on $SPX. I wanted to share with you how i interpret yesterday’s wick differently from you. If you choose to see yesterday’s sell off as a warning about the strong resistance overhead, then you may have missed the point. If you were to scrutinise what the price action is actually telling you, yesterday’s closing price actually stopped above the closing of the previous day’s. Taking the intermediate pause of the previous 2 day’s price action, yesterday’s closing is actually pointing to a positive short term price movement to the upside. By short term i meant today’s market action. The tall wick should not be interpreted as a warning to the upward price action as it did not occur at a resistance level; rather it is occurring at an intermediate support level. Would you short here or would you rather buy here? For me, i would be a buyer for the day…