Today’s action pushes things back into next week when there are some other better dates and anniversaries and past the French Open Final. Not to say that tomorrow can’t be a big down day but I guess the big meaning of 67 will have to reveal itself later (as in June July ???).
Today was about the Dow and Sp testing its 50 day average and then retaking its lower BB (most of the other indices as well). It is also matching up pattern wise with the recent action of the $xu100 (Turkish market) although its equivalent day to today featured a smaller upbar.
The big positive breadth reversal is a little worrisome. When it reverses like this off such an oversold level, it usually leads to a strong rally. But so far every reversal has been immediately met by a counter-reversal although recent moves did not feature today’s strong breadth. I don’t really sense a strong bearish participation in this market.
A certain little indicator plowed through its April lows today (at a steep rate of descent) and rarely features double bottoms.
It was also interesting to see copper and industrial metals sell off today despite the rally after putting in recent recovery highs. Euro had a big bounce going into currency opex tomorrow. (following the ECB meeting)
I’m still thinking that we’ll stick with the same pattern of putting in the low the Thursday or Friday prior to option expiration week. That means June 13th or 14th we should see the low, but what will the low be is the question?
When I see how high the MACD lines are on the daily chart I can easily see more downside coming before a really decent rally happens. Right now both lines are still in positive territory around 12 and 4.5 on the two different periods! They should be -10 before this move down ends I think.
So I’m only seeing a rally into tomorrow now to hit the upper trendline in the downward sloping channel. I’m guessing it will be around 1630 spx Friday. At that area I’d look to get short again into next Thursday/Friday with a retest of the 1536 spx low being the downside target.
The gap has been filled! Now I’m expecting a bounce into Friday. If we don’t take out the top trendline channel then I’m going to remain bearish and expect the move down to continue next week.
Looks like just a few more points to fill the 1597 spx gap, which I that point I’d expect a bounce to happen. I’m still unsure on how much of a bounce as although I said yesterday that we could go up to just above 1574 spx to make this wave 2 up the daily chart just has so much more room to go on the down side that I’m rethink that forecast now.
We’ll just have to wait to see how high the bounce is tomorrow but it’s possible that we only bounce for one day to the top trendline in this falling channel and then continue down all next week to retest that prior low of 1536 spx. I’m really having doubts on any big bounce from the gap fill area. That upper trendline around 1630 might be all we get?
I thought the Mars Jupiter conjunction occurred around my birthday which is my next high probability date for crash following the next 2 days……
The next two days might be more flash crashish but we’ll see
6-6 is 161 weeks from the flash crash on 5-6-10 or 3 years 1 month later. 1127 days later. Flash crash was 61 weeks from the 3-6-9 bottom or 60weeks6days later actually. 6-6 would be 4years3months from the 3-6-9 bottom.
Also this week is 4362 weeks from the lesser grand ritual 83years7months8days earlier.
9362 days from the lesser grand ritual 25years7months18 days earlier. The 62 number again 62=66.
Also 7711 days from the Bradley ode to the ’29’92 ritual date (426…wow 66)
It is a little quick off the top for a crash but the enlightened ones probably want to catch everyone off guard. A certain little indicator topped at the high of the year on May 22, not putting in a divergence and now it has plummeted through its April lows for the year (actually it will definitely do that tomorrow). Also notice $nya50r and $nya200r are also at their lows for the year….sitting on the precipice…..(stocks above the 50 and 200 day averages)
I was thinking that tomorrow could see a minor down day that penetrates the 50 day average (already penetrated on the $nya) but after reviewing some of these numbers and the info gleaned from the Puig videos maybe something more major might materialize.
Also reviewed Rammstein Meine Land beach video and noticed the Lifeguard stand with 2 6s on it although they are never seen together. The two years in the video are 1964 and 2012 but don’t see how one gets a 2013 out of it.
Then the Thrice are back playing in the NBA finals tomorrow and we have to remember the Thrice Number.
Time to get short again I believe. Rally time is over I guess…
do not be surprised if the market continue to grind higher non stop. If tomorrow earases todays gain then yes I will turn bearish … we shall see.
Today’s action pushes things back into next week when there are some other better dates and anniversaries and past the French Open Final. Not to say that tomorrow can’t be a big down day but I guess the big meaning of 67 will have to reveal itself later (as in June July ???).
Today was about the Dow and Sp testing its 50 day average and then retaking its lower BB (most of the other indices as well). It is also matching up pattern wise with the recent action of the $xu100 (Turkish market) although its equivalent day to today featured a smaller upbar.
The big positive breadth reversal is a little worrisome. When it reverses like this off such an oversold level, it usually leads to a strong rally. But so far every reversal has been immediately met by a counter-reversal although recent moves did not feature today’s strong breadth. I don’t really sense a strong bearish participation in this market.
A certain little indicator plowed through its April lows today (at a steep rate of descent) and rarely features double bottoms.
It was also interesting to see copper and industrial metals sell off today despite the rally after putting in recent recovery highs. Euro had a big bounce going into currency opex tomorrow. (following the ECB meeting)
I’m still thinking that we’ll stick with the same pattern of putting in the low the Thursday or Friday prior to option expiration week. That means June 13th or 14th we should see the low, but what will the low be is the question?
When I see how high the MACD lines are on the daily chart I can easily see more downside coming before a really decent rally happens. Right now both lines are still in positive territory around 12 and 4.5 on the two different periods! They should be -10 before this move down ends I think.
So I’m only seeing a rally into tomorrow now to hit the upper trendline in the downward sloping channel. I’m guessing it will be around 1630 spx Friday. At that area I’d look to get short again into next Thursday/Friday with a retest of the 1536 spx low being the downside target.
agreed. this drop is too fast. regardless,
my thinking is more of the one week out variety,
can a move back up, go higher, than the May 22nd high?
APPLE Chart update: http://niftychartsandpatterns.blogspot.in/2013/06/apple-chart-analysis.html
The gap has been filled! Now I’m expecting a bounce into Friday. If we don’t take out the top trendline channel then I’m going to remain bearish and expect the move down to continue next week.
Looks like just a few more points to fill the 1597 spx gap, which I that point I’d expect a bounce to happen. I’m still unsure on how much of a bounce as although I said yesterday that we could go up to just above 1574 spx to make this wave 2 up the daily chart just has so much more room to go on the down side that I’m rethink that forecast now.
We’ll just have to wait to see how high the bounce is tomorrow but it’s possible that we only bounce for one day to the top trendline in this falling channel and then continue down all next week to retest that prior low of 1536 spx. I’m really having doubts on any big bounce from the gap fill area. That upper trendline around 1630 might be all we get?
Also forgot the FB Facebook symbol also shown in The Silent Partner to represent the First Bank of Toronto…..FB===62.
6-6 is also 4months 2 days from Facebook day.
I thought the Mars Jupiter conjunction occurred around my birthday which is my next high probability date for crash following the next 2 days……
The next two days might be more flash crashish but we’ll see
6-6 is 161 weeks from the flash crash on 5-6-10 or 3 years 1 month later. 1127 days later. Flash crash was 61 weeks from the 3-6-9 bottom or 60weeks6days later actually. 6-6 would be 4years3months from the 3-6-9 bottom.
Also this week is 4362 weeks from the lesser grand ritual 83years7months8days earlier.
9362 days from the lesser grand ritual 25years7months18 days earlier. The 62 number again 62=66.
Also 7711 days from the Bradley ode to the ’29’92 ritual date (426…wow 66)
It is a little quick off the top for a crash but the enlightened ones probably want to catch everyone off guard. A certain little indicator topped at the high of the year on May 22, not putting in a divergence and now it has plummeted through its April lows for the year (actually it will definitely do that tomorrow). Also notice $nya50r and $nya200r are also at their lows for the year….sitting on the precipice…..(stocks above the 50 and 200 day averages)
I was thinking that tomorrow could see a minor down day that penetrates the 50 day average (already penetrated on the $nya) but after reviewing some of these numbers and the info gleaned from the Puig videos maybe something more major might materialize.
Also reviewed Rammstein Meine Land beach video and noticed the Lifeguard stand with 2 6s on it although they are never seen together. The two years in the video are 1964 and 2012 but don’t see how one gets a 2013 out of it.
Then the Thrice are back playing in the NBA finals tomorrow and we have to remember the Thrice Number.