They should have washed things out today on the NFLX’s news. Instead they put in a very bullish candle. To fool the sheeple? The markets did test yesterday’s lows without exceeding them for the most part but the ensuing bounces mostly just tested resistance at the close of 2 days ago. Meanwhile, small caps have been rallying for three days already.
Yellen speaks pre-market tomorrow just in time to save the day but they did the Fed-speak rescue today with Bullard’s remarks on possibly continuing QE. So how does Yellen top that tomorrow. Or does she disappoint the markets? It is Friday 10-17. Forgot to mention the big 707 year anniversary on Monday. But a certain little component of a certain little indicator did rally up to the 0 line today so it has room for a multi-day decline although the overall indicator is in oversold enough of territory from which bottoms are formed.
Even if this is a first wave down, it should bottom with around 900 new 52 week lows for the NYSE. Instead today saw new lows drop down into the 200s.
But the biggest concern I have is with the astro-trader/trolls who have been arguing for the market to rally into the solar eclipse like Larry Pesavento. As expected, the opposite has been occurring. They plunged into the solar eclipse in double ninen.
I see one more move down tomorrow and then I think we’ll bottom and rally for awhile. The market opened on January 2nd of this year at 1845 SPX and we hit and pierced that today. Then we rallied from it. It should be some kind of support zone I think.
Also, the XIV double bottomed today from February’s low this year. It’s the opposite of the VIX. That is also a signal of a short term bottom I think. Again, possibly one more low tomorrow and then a rally. How high is anyone’s guess but with that FP on the SPY of 202.45 lurking out there I do think it’s possible that they hit it at some point.
Will it be in the next few weeks or next year… I don’t know? But if it’s hit I’d really become very, very bearish again… especially if it’s hit very fast, like 2-3 weeks! Remember, SkyNet reads ALL internet post, tweet’s, comments, etc… and learns how to lead the bulls and bears down the wrong path.
Well, when I saw that NFLX was actually up late in the day, I resisted my urge to get out of short term positions. I haven’t looked at after-hours futures but I cant say things look promising tomorrow with NFLX down 25% after-hours.
Today’s lows were going to be tested at a minimum anyway. New lows hit 600 today on NYSE. I am looking for 900-1000 for tomorrow. Then maybe a final low Friday? I don’t really know since the indices are below their weekly BBs except the Nasdaq. We’ll have to watch on a day by day basis. A certain little indicator is trucking on down through the crash zone but it is not at an extreme level yet nor is it’s component which actually rose today (albeit minimally).
Possibly one more lower low tomorrow I think and then a rally. My estimated top is 202.45 SPY (about 2024.50 SPX)… which of course is against any B wave up theory. But SkyNet WILL NOT make it easy to pick the next important top.
By “B wave up” I mean that most Elliottwave people see this entire move down as one large wave A and then your typical B wave up is usually some Fib. Level like 50% or so. But SkyNet knows that too, and therefore won’t likely take it there and then really collapse into a massive “crash” C wave down.
Either we go up very shallow to possibly 23.6% (which should take several weeks of chop) or double top it and then tank. I don’t know which but I’m thinking that way too many people are “extremely” bearish now and will remain so for several weeks from now. So SkyNet will keep hitting “buy stops” as it rallies up with more and more bears trying to pick the next top just like the bulls are getting their “sell stops” hit trying to pick a bottom.
I’m thinking around the same as what’s in this chart: http://www.amateur-investor.net/AII_Daily_Report_Oct_16_2014.htm
They should have washed things out today on the NFLX’s news. Instead they put in a very bullish candle. To fool the sheeple? The markets did test yesterday’s lows without exceeding them for the most part but the ensuing bounces mostly just tested resistance at the close of 2 days ago. Meanwhile, small caps have been rallying for three days already.
Yellen speaks pre-market tomorrow just in time to save the day but they did the Fed-speak rescue today with Bullard’s remarks on possibly continuing QE. So how does Yellen top that tomorrow. Or does she disappoint the markets? It is Friday 10-17. Forgot to mention the big 707 year anniversary on Monday. But a certain little component of a certain little indicator did rally up to the 0 line today so it has room for a multi-day decline although the overall indicator is in oversold enough of territory from which bottoms are formed.
Even if this is a first wave down, it should bottom with around 900 new 52 week lows for the NYSE. Instead today saw new lows drop down into the 200s.
But the biggest concern I have is with the astro-trader/trolls who have been arguing for the market to rally into the solar eclipse like Larry Pesavento. As expected, the opposite has been occurring. They plunged into the solar eclipse in double ninen.
SPY Triangle updated: http://screencast.com/t/9Mor4JiX
SPY 60 minute chart with volume marked indicates another lower low coming soon: http://screencast.com/t/GgxveOChduZ5
Market Update (SPY): http://screencast.com/t/6osEaYFd1ks
Wow, amazing. AAII bulls at 42% bears 33%. Very little fear for what has been transpiring. Or excessive over-optimism.
you make a valid point here. The overall sentiment is a little too bearish right now for my liking
I see one more move down tomorrow and then I think we’ll bottom and rally for awhile. The market opened on January 2nd of this year at 1845 SPX and we hit and pierced that today. Then we rallied from it. It should be some kind of support zone I think.
Also, the XIV double bottomed today from February’s low this year. It’s the opposite of the VIX. That is also a signal of a short term bottom I think. Again, possibly one more low tomorrow and then a rally. How high is anyone’s guess but with that FP on the SPY of 202.45 lurking out there I do think it’s possible that they hit it at some point.
Will it be in the next few weeks or next year… I don’t know? But if it’s hit I’d really become very, very bearish again… especially if it’s hit very fast, like 2-3 weeks! Remember, SkyNet reads ALL internet post, tweet’s, comments, etc… and learns how to lead the bulls and bears down the wrong path.
Well, when I saw that NFLX was actually up late in the day, I resisted my urge to get out of short term positions. I haven’t looked at after-hours futures but I cant say things look promising tomorrow with NFLX down 25% after-hours.
Today’s lows were going to be tested at a minimum anyway. New lows hit 600 today on NYSE. I am looking for 900-1000 for tomorrow. Then maybe a final low Friday? I don’t really know since the indices are below their weekly BBs except the Nasdaq. We’ll have to watch on a day by day basis. A certain little indicator is trucking on down through the crash zone but it is not at an extreme level yet nor is it’s component which actually rose today (albeit minimally).
Possibly one more lower low tomorrow I think and then a rally. My estimated top is 202.45 SPY (about 2024.50 SPX)… which of course is against any B wave up theory. But SkyNet WILL NOT make it easy to pick the next important top.
By “B wave up” I mean that most Elliottwave people see this entire move down as one large wave A and then your typical B wave up is usually some Fib. Level like 50% or so. But SkyNet knows that too, and therefore won’t likely take it there and then really collapse into a massive “crash” C wave down.
Either we go up very shallow to possibly 23.6% (which should take several weeks of chop) or double top it and then tank. I don’t know which but I’m thinking that way too many people are “extremely” bearish now and will remain so for several weeks from now. So SkyNet will keep hitting “buy stops” as it rallies up with more and more bears trying to pick the next top just like the bulls are getting their “sell stops” hit trying to pick a bottom.