Daytrading with Consensus

[Ares]

UYG "building"

19.88
18.39
16.90
15.41
13.92
13.00 Hgih
12.19 Pivot
12.08
11.51 Low
10.59
9.10
7.61
6.12
4.63

[Ares]

Here was SKF's 5 minute chart "tea leaves" pre-market on October 15, 2008:



Here it is on October 15, 2008 post-market - a perfect touch of the ltl (left trend line):



October 15, 2008 thread on Yahoo board:

http://messages.finance.yahoo.com/Business_%26_Finance/Investments/Stocks_%28A_to_Z%29/Stocks_U/threadview?bn=57417&tid=31030&mid=31419

[Ares]

SKF "building"

218.14
200.61
183.08
165.55
148.02
137.19  High
130.78  Pivot
126.36
119.66  Low
108.83
91.30
73.77
56.24
38.71

Re-adjusted the uptrend line (from green to pink).

The pink uptrend line disregarded the candle's tail and connected nicely with the doji's bottom.

Re-adjusted the yellow support/resistance lines to reflect near the +1.618 and -1.618 of yesterday's candle.

[Ares]

UYG's "building"

20.23
18.40
16.57
14.74
12.91
11.78  High
10.65
10.60  Pivot
9.95    Low
8.82
6.99
5.16
3.33
1.50

UYG broke below yesterday's support line (yellow).

Added new support/resistance line (gold) to reflect the nearest "eye-balled" support/resistance near the +1.618 and -1.618 of yesterday's candle.

[Ares]

SKF's "building"

261.89
238.20
214.51
190.82
167.13
152.49  High
137.85
137.10  Pivot
128.80  Low
114.16
90.47
66.78
43.09
19.40

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UYG's "building"

18.80
17.02
15.24
13.46
11.68
10.58  High
9.86    Pivot
9.48
8.80    Low
7.70
5.92
4.14
2.36
0.58

[Ares]

Here's SKF's 5 minute chart at post-market yesterday:

[Ares]

Here's UYG's daily chart:



Will we test the left descending trendline (ltl), go for a double bottom, or go towards the right descending trend line (rtl)?

Being the 3rd Friday of the month, we may see nice volatility.

gl

[Ares]

Added steeper descending trend lines on UYG's daily chart.

Just an observation:

UYG seems to break out on a 3rd steep descending trendline (that's where we are right now).

Will UYG go for a 4th steeper trend line?



http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_U/threadview?m=te&bn=57417&tid=31862&mid=31862&tof=1&frt=1#31862

[Ares]

SKF's "building"

216.87
199.92
182.97
166.02
149.07
138.59  High
131.83  Pivot
128.11
121.64 Low
111.16
94.21
77.26
60.31
43.36

[Ares]

UYG's "building"

17.57
16.18
14.79
13.40
12.01
11.15  High
10.41  Pivot
10.29
9.76    Low
8.90
7.51
6.12
4.73
3.34

UYG broke out of the peach descending trendline and tested the pink descending trendline.

Added new support and resistance line.

Yellow is near the +1.618 and -1.618

Gold is near the +2.618 and  -.2.618

UYG created a higher higher high and a higher low BUT the 1 minute chart may have a head and shoulder forming ( I hope not).

If it does form an intraday head and shoulders, will UYG just go for the 8.90 level or test the all time low?

On the other hand, if UYG goes up, will it just test the red ltl or break out of it?

Will it head towards the green ltl?

If it goes for the green ltl, would this be a sustainable angle of attack?

[Ares]

Here's UYG's 1 minute chart:

[Ares]

I'm hoping that instead of a head and shoulder pattern, UYG will go for the green ltl.

[Ares]

After reading the thread on the SKF board started by daneric40 titled:

"Ending Diagonals spell DOOM "

http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_U/threadview?m=te&bn=58157&tid=143246&mid=143246&tof=6&frt=2#143246

I decided to go further back on the  SKF daily chart.

[Ares]

Here's SKF's 1 minute chart:

[Ares]

I wonder if UYG will head up to test the 14.08 resistance.

Then, it could come down for a double bottom.

It would be nice if it heads up to the 24.01 resistance.

Then, maybe come down for an inverse head and shoulder or a double bottom?

Who know - those are just my speculations.

Let's see what the market decides to do.