One thing for sure..that was a very quick “give back” of yesterdays 250 pt rally. The triple digit “down” days have mostly been larger than the triple digit “up” days the last week. Case in point last Friday was down 300 pts..and last Tues was down almost 340 pts….so we working lower here so far. As far as how we close today..the jury is out but I think it’s safe to say we could easily close down another 300+ pts today.- Perma bulls will want to see SPX 2040 hold like concrete thru next week.
I’m a little surprised they allowed the bearish setup work. If the low from Wednesday is taken out then I’ll have to redo the estimated upside target for next week. So far we are still just making a higher low (or double bottom). And since it’s now in the noon time period with Europe closing we should see the selling pressure let up. Let’s see if we get a bounce started…
Happy Friday the 13th (39) conjunct the Pluto Uranus square tomorrow. 1816 weeks from the release of Kubrick’s grand ritual classic, the Shining or 34 (3-13??)years 9 months 18 days ago (799). They moved the Moby Dick flick off its original 3-13 release date.
Looking hopefully for a certain little indicator to drop below its 50 day average tomorrow and will go below its lower BB if it does so. That would make for an UBER bearish sell signal. Today seems to have been a technical bounce off the lower BB for the stock indices. $ndx finally got to its lower BB yesterday.
Notice the action in the euro lately sans today.
3-15==18 and #18, Popgun, has a birthday coming up.
My only concern on making bearish forecasts using TA’s is that the Fed’s have a history of manipulating the market to the bullish side. So the upside to 2090 area seems highly likely but the selloff back down isn’t something I put too much money on as they rarely give the bears a chance to win.
The moves down no long come in nice ABC wave patterns but simply drop all in one big wave while the bears sleep. Once they awake and look for the B wave rally to short they find it never comes as the Fed’s manipulate it to a new higher high.
Charts tell me this is just a bounce and not a new strong rally that will make a new “higher high” like all the previous rallies in the last 3 months that came off their lows strong and all made higher highs. I suspect this one will be different and will only make a lower high before dropping lower sometime next week and heading below the recent 2040 area low yesterday.
Just riding a trendline of support now… if it breaks then it could get ugly!
One thing for sure..that was a very quick “give back” of yesterdays 250 pt rally. The triple digit “down” days have mostly been larger than the triple digit “up” days the last week. Case in point last Friday was down 300 pts..and last Tues was down almost 340 pts….so we working lower here so far. As far as how we close today..the jury is out but I think it’s safe to say we could easily close down another 300+ pts today.- Perma bulls will want to see SPX 2040 hold like concrete thru next week.
I’m a little surprised they allowed the bearish setup work. If the low from Wednesday is taken out then I’ll have to redo the estimated upside target for next week. So far we are still just making a higher low (or double bottom). And since it’s now in the noon time period with Europe closing we should see the selling pressure let up. Let’s see if we get a bounce started…
Happy Friday the 13th (39) conjunct the Pluto Uranus square tomorrow. 1816 weeks from the release of Kubrick’s grand ritual classic, the Shining or 34 (3-13??)years 9 months 18 days ago (799). They moved the Moby Dick flick off its original 3-13 release date.
Looking hopefully for a certain little indicator to drop below its 50 day average tomorrow and will go below its lower BB if it does so. That would make for an UBER bearish sell signal. Today seems to have been a technical bounce off the lower BB for the stock indices. $ndx finally got to its lower BB yesterday.
Notice the action in the euro lately sans today.
3-15==18 and #18, Popgun, has a birthday coming up.
My only concern on making bearish forecasts using TA’s is that the Fed’s have a history of manipulating the market to the bullish side. So the upside to 2090 area seems highly likely but the selloff back down isn’t something I put too much money on as they rarely give the bears a chance to win.
The moves down no long come in nice ABC wave patterns but simply drop all in one big wave while the bears sleep. Once they awake and look for the B wave rally to short they find it never comes as the Fed’s manipulate it to a new higher high.
i am looking for 2020
Of course charts can be manipulated…
Charts tell me this is just a bounce and not a new strong rally that will make a new “higher high” like all the previous rallies in the last 3 months that came off their lows strong and all made higher highs. I suspect this one will be different and will only make a lower high before dropping lower sometime next week and heading below the recent 2040 area low yesterday.
Actors everywhere I think… Sandy Hook, Columbine, Batman Theater, Beheadings in the middle-east, etc…
closed in 2008, a stage in 2012 http://www.veteranstoday.com/2014/04/15/sandy-hook-elementary-school-closed-in-2008-a-stage-in-2012/
… still wonder about the involvement of crisis actors.