Actually, I think it’s the reverse now. The bulls are trapped and the market is not allowing the bears a good entry. I am beginning to wonder even if there will be a bounce. A one day affair if there is.
A decisive break below the March lows and the 200 day average would full bear alert. But I am expecting a bounce next week if the market drops into Friday based on a certain fractal.
Doesn’t seem like there is anything that could cause a substantial snapback. Still not really oversold, hell, still way overbought on the long term charts.
We should get the bloodbath day tomorrow. Breadth was negative enought to get the McClellan Oscillator below -200 where big down days happen. All of the indices continue to hug their lower BBs and $NDX outperformed to the downside since it still hasn’t breached its lower BB. Oil was up big at one point and the markets still struggled. But emerging markets still headed downwards. It looks like things should accelerate to the downside. Yesterday was the failed rally attempt and today looks like the downside continuation day leading to the bloodbath day.
60 min RSIs are still low but they did not drop below 30 it appears on most indices. Some stayed elevated even with the decline.
There was bottom calling en masse yesterday on the various sites. I haven’t checked them yet today but I expect a continuation of the bottom calling.
Ideally, we get the wipeout day tomorrow with a final washout on Friday and then a big pop to start next week. If that doesn’t happen, then it could be a bloodbath week next week as the McClellan Summation Index has entered no-man’s land moving at a rapid velocity downward towards the “crash” zone.
It would stand to reason that there should be at least one “UP” week on the weekly charts, so if this week closes down I would have too say that the odds of a positive close next week are strong.
Yeah, they’ve really put a hurting on the bulls this time (finally), but this is getting overdone on the downside right now. A rally is really needed… maybe some good job’s data? That would fool everyone!
Actually, I think it’s the reverse now. The bulls are trapped and the market is not allowing the bears a good entry. I am beginning to wonder even if there will be a bounce. A one day affair if there is.
A decisive break below the March lows and the 200 day average would full bear alert. But I am expecting a bounce next week if the market drops into Friday based on a certain fractal.
Doesn’t seem like there is anything that could cause a substantial snapback. Still not really oversold, hell, still way overbought on the long term charts.
We need a 2 day rally first… to squeeze out the current bears. You know they won’t let them make money on it. Plus, they need to trap some new bulls.
This would be the perfect setup for a false flag over the weekend and crash on Monday. Ah, wishful thinking………
O.K sold all my shorts today. No sense getting greedy..Think theres a good chance for a bounce sometime tomorrow.
We should get the bloodbath day tomorrow. Breadth was negative enought to get the McClellan Oscillator below -200 where big down days happen. All of the indices continue to hug their lower BBs and $NDX outperformed to the downside since it still hasn’t breached its lower BB. Oil was up big at one point and the markets still struggled. But emerging markets still headed downwards. It looks like things should accelerate to the downside. Yesterday was the failed rally attempt and today looks like the downside continuation day leading to the bloodbath day.
60 min RSIs are still low but they did not drop below 30 it appears on most indices. Some stayed elevated even with the decline.
There was bottom calling en masse yesterday on the various sites. I haven’t checked them yet today but I expect a continuation of the bottom calling.
Ideally, we get the wipeout day tomorrow with a final washout on Friday and then a big pop to start next week. If that doesn’t happen, then it could be a bloodbath week next week as the McClellan Summation Index has entered no-man’s land moving at a rapid velocity downward towards the “crash” zone.
It would stand to reason that there should be at least one “UP” week on the weekly charts, so if this week closes down I would have too say that the odds of a positive close next week are strong.
a very good trader i follow, will be adding gold stock longs next week. this could push the indexes higher going into OPX
Yeah, they’ve really put a hurting on the bulls this time (finally), but this is getting overdone on the downside right now. A rally is really needed… maybe some good job’s data? That would fool everyone!
i think tomorrow will be an up day. or at least start out UP. LOL