467 7
The chart is BEARISH especially as we go below 184 key support that has been tested twice.

Note that the bounce today tested the expiration level from last Friday.

The orange lines are the rallies off of the test of support, so you can see that the last two rallies are very weak relative to those.

WATCH OUT BELOW 184. It could get very ugly, very quick if below 184.


2:46PM EST, Friday, March 28, 2014
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Interesting note that the Dow Industrial Average made a hanging man candle on the quarterly for Q1 .. Check it out on FSC .. Timing a top and having patience is hard though...
timwest daytradingzoo
Yes - interesting
The market escaped that 184 level without any trouble. But remember, if it ever does go through 184 - then watch out below. The market could really take a very large spill very quickly if it gets below 184. It is good to know this in advance. Now you know.
Is that true about support behaving like thin ice? It's always been bit of a mystery to me. Cheers
J_Bear, Yes! Support is like thin ice, the more you test it, the more likely it is to fail. Trendlines are the same way too, but "levels" that continue to get tested shows that the buyers that were there may likely step back and see if they can buy a little lower. Think about if you were a large buyer of something, would you stand at one price and defend that one price and keep buying there? Or would you back down and see if the sellers followed your bid down?
Thank you Tim for posting this charts with option expirations. You are offering an alternative view and that's great
timwest vlad.adrian
You are welcome. It's nice when "alternative" is also really helpful. I see a lot of charts that I don't understand here at Tradingview, but I can understand this concept and I'm happy to share it. The expiration adds a whole new dimension to charts that most people don't know about and don't see. I don't see other software programs that plot expirations to help you see important support and resistance. I think it is essential to know. Thanks again vlad.
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