$ndx got to its 3550 target that I was looking for 2 days ago basically. Went up and hit its now declining 20 day ema—RSI 14 hit the 50 level just as it did back in a certain historical epoch.
Boeing continued to get hammered and its chart looks just plain ugly. MMM was down as well. Euro and gold both were hammered.
Now let’s see if we can get to DeMark’s target of 1752 off an upclose. Need to check out comments from the blogoshphere. One dude who so far has been right but nevertheless I am suspicious of had us rallying on Friday.
Well, in 2 instances I looked at the markets actually rallied presumably from the open and in the 2000 case up to the lower BB so maybe no monster MMM miss. (attempt at a reverse jinx). Tomorrow===1-30-14 or 27???
After perusing the chatter on the blogosphere, it seems that the posters—-errr–the bears—-errr—the trolls have universally gotten out of their shorts today. Everyone is looking for a rally apparently over the next two days including the best tell, astro-energy dude.
MMM reports before the bell. Its earnings might provoke a nice reaction. Fellow Dow stalwart, Boeing, got taken apart today. Interesting that I haven’t seen anyone mention MMM but I see a flood of calls on QCOM and FB.
It won’t take much to get the Dow and SP below its December lows. The retail stocks have already dropped below their December lows. Once that gets taken out, a waterfall decline should unfold quite quickly. I don’t know where DeMark gets SP 1752 as his trigger, the December lows should be a pretty simple waypoint.
The European markets had the sweetest looking reversals today ala a similar time double 6 years ago although they finished off their lows. The Nikkei currently is putting in an impressive reversal as well.
As for the 2000 model, the Nasdaq and Russell 2000 both closed below their 50 day averages and lower BBs just as they did back then. A certain component of a certain little indicator also finished in a similar position.
I am still leaning bullish for the short term, but if they lose 1770 SPX by the close today the market will drop like a rock. But if they hold the line they should bounce for several days. The weekly chart needs to hold 1768 by the close on Friday. So if they are going to stay above that they better not let it collapse here. This is the line in the sand Geccko… lose it and the bears win!
The operators are good. They had me fooled. Of course, I thought there would be a Fed statement today which I didn’t find out about until just before the open. I was so worried about their usual Fed release shenanigans. That’s ok. Everythings back on the timeline which wouldn’t have been the case if there was a rally today.
Russell 2000 did what the Nasdaq should have done yesterday.
Nasdaq version of a certain component rallied to -36 back in 2000 on its equivalent day from that year. Yesterday, it popped to -41….
$ndx got to its 3550 target that I was looking for 2 days ago basically. Went up and hit its now declining 20 day ema—RSI 14 hit the 50 level just as it did back in a certain historical epoch.
Boeing continued to get hammered and its chart looks just plain ugly. MMM was down as well. Euro and gold both were hammered.
Now let’s see if we can get to DeMark’s target of 1752 off an upclose. Need to check out comments from the blogoshphere. One dude who so far has been right but nevertheless I am suspicious of had us rallying on Friday.
Word UP Darth Gerb!… 🙂
GOLD Weakness at 200 SMA: http://niftychartsandpatterns.blogspot.in/2014/01/gold-weakness-at-200-day-simple-moving.html
Blackberry resistance levels: http://niftychartsandpatterns.blogspot.in/2014/01/blackberry-resistance-levels.html
Well, in 2 instances I looked at the markets actually rallied presumably from the open and in the 2000 case up to the lower BB so maybe no monster MMM miss. (attempt at a reverse jinx). Tomorrow===1-30-14 or 27???
After perusing the chatter on the blogosphere, it seems that the posters—-errr–the bears—-errr—the trolls have universally gotten out of their shorts today. Everyone is looking for a rally apparently over the next two days including the best tell, astro-energy dude.
MMM reports before the bell. Its earnings might provoke a nice reaction. Fellow Dow stalwart, Boeing, got taken apart today. Interesting that I haven’t seen anyone mention MMM but I see a flood of calls on QCOM and FB.
It won’t take much to get the Dow and SP below its December lows. The retail stocks have already dropped below their December lows. Once that gets taken out, a waterfall decline should unfold quite quickly. I don’t know where DeMark gets SP 1752 as his trigger, the December lows should be a pretty simple waypoint.
The European markets had the sweetest looking reversals today ala a similar time double 6 years ago although they finished off their lows. The Nikkei currently is putting in an impressive reversal as well.
As for the 2000 model, the Nasdaq and Russell 2000 both closed below their 50 day averages and lower BBs just as they did back then. A certain component of a certain little indicator also finished in a similar position.
WORD.
SPY Analysis after closing bell: http://niftychartsandpatterns.blogspot.in/2014/01/spy-analysis-after-closing-bell_30.html
I am still leaning bullish for the short term, but if they lose 1770 SPX by the close today the market will drop like a rock. But if they hold the line they should bounce for several days. The weekly chart needs to hold 1768 by the close on Friday. So if they are going to stay above that they better not let it collapse here. This is the line in the sand Geccko… lose it and the bears win!
The operators are good. They had me fooled. Of course, I thought there would be a Fed statement today which I didn’t find out about until just before the open. I was so worried about their usual Fed release shenanigans. That’s ok. Everythings back on the timeline which wouldn’t have been the case if there was a rally today.
Russell 2000 did what the Nasdaq should have done yesterday.
Nasdaq version of a certain component rallied to -36 back in 2000 on its equivalent day from that year. Yesterday, it popped to -41….