Accendo Traders

Effective Video Technical Analysis Trade Plans Delivered Daily from AccendoTraders.com. Here is our Technical Analysis Weekend Wrap Up Trade Plan for Sunday, November 16th.

Last week, our technical analysis study of the market brought us to the candlestick chart pattern descending triangle/wedge.  This is a bearish pattern.  Although the volatility brought great intraday swings, this pattern still hold true today.  The DOW JONES is sitting somewhat it the middle of the wedge, while the NASDAQ and the S&P 500 are closer to the support of this chart patterns.

We also saw on a intraday basis the October lows broken to the downside on Wednesday; however, this was immediately followed by a strong short-covering rally.  The strong momentum did not carry over into Friday’s session which had huge swings.  Yet, due to an almost 5% drop in the last hour, All Major indexes ended down for the week.

So which way will the market go?  Watch the video for more:

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This entry was posted on Sunday, November 16th, 2008 at 10:11 pm and is filed under candlestick chart patterns, day trading, stock market commentary, stock picks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response.