I do like this site in sharp contrast to IBD and other periodicals that I read. However I just glanced at my trading platform and noticed the word “collapse” in the upper right hand corner and felt panicked for a second, until I realized it is just a drop down menu to hide the index view. Maybe I should take a break.
The 15 and 30 minute charts are just now getting ready to crossover the zero line on the Histogram bars. We are waiting on the 5 minute chart to roll over now, as it’s rallying from being oversold on the first move down.
After this next move down (to the 116.50 FP area I believe), the 15 and 30 minute charts will likely turn back up. There is still very light volume in this market and they don’t seem to want to sell off yet. Again, I’ll exit my shorts and go to cash after this next move down and wait for another chance to go short… tomorrow probably.
Anna caught a 116.50 spy print this morning and I think that’s where it’s headed to today. I’ll likely exit at that area and go to cash again. I agree with you that they want to hit that 1185-1187 spx area, so they will likely try again for it later today or tomorrow.
I’ve taken a small short here and will ride it down today and then see what tomorrow brings? I think they are still trying to hit that downward sloping trendline of resistance that is coming in around 1185-1187 spx today. So, tomorrow might be the best day to get most of your shorts.
Well gang, after being down over 140 Dow points afterhours and premarket, they managed to gap it up. Now we wait to see if they can get it up to that 1185 spx area or so. That’s the major resistance area from the downward sloping trendline, and should stop the bulls dead in their tracks. That’s where I’ll go 100% short at.
I do like this site in sharp contrast to IBD and other periodicals that I read. However I just glanced at my trading platform and noticed the word “collapse” in the upper right hand corner and felt panicked for a second, until I realized it is just a drop down menu to hide the index view. Maybe I should take a break.
The 15 and 30 minute charts are just now getting ready to crossover the zero line on the Histogram bars. We are waiting on the 5 minute chart to roll over now, as it’s rallying from being oversold on the first move down.
After this next move down (to the 116.50 FP area I believe), the 15 and 30 minute charts will likely turn back up. There is still very light volume in this market and they don’t seem to want to sell off yet. Again, I’ll exit my shorts and go to cash after this next move down and wait for another chance to go short… tomorrow probably.
Anna caught a 116.50 spy print this morning and I think that’s where it’s headed to today. I’ll likely exit at that area and go to cash again. I agree with you that they want to hit that 1185-1187 spx area, so they will likely try again for it later today or tomorrow.
Red, can you please comment on the put/ call ratio. It does not look good at this time to be buying puts.
The sp looks like it is recoiling its self for a move up. I will stay with my small long here for a thrust upwards.
I still have my 1/4 position long from missing out selling at the close. I still looking for my 1185–1187 area.
Nice GG…
I’ve taken a small short here and will ride it down today and then see what tomorrow brings? I think they are still trying to hit that downward sloping trendline of resistance that is coming in around 1185-1187 spx today. So, tomorrow might be the best day to get most of your shorts.
so, does anybody owe somebody a beer?
seems the SPX (9th) gap wasn’t even 50% filled.
no guarantee of a reverse, but food for thought on the /ES.
symmetry can be a tool.
http://tinypic.com/view.php?pic=2462k91&s=7
SPY HIts resistance line: http://niftychartsandpatterns.blogspot.com/2011/09/spy-hits-resistance-line.html
Well gang, after being down over 140 Dow points afterhours and premarket, they managed to gap it up. Now we wait to see if they can get it up to that 1185 spx area or so. That’s the major resistance area from the downward sloping trendline, and should stop the bulls dead in their tracks. That’s where I’ll go 100% short at.