Well, from looking at the charts and more importantly the volume, I’d have to say that NO, this isn’t the start of the selling yet. I suspect we will retrace this move down as long as the volume remains light.
The 60 minute chart is almost bottomed on the Full STO’s and should turn back up within a few hours. The 30, and smaller charts should follow. If the move back up doesn’t take out the 1300 area and gets the charts overbought again, then I’ll be looking to go short.
But, right now it’s just looking like a technical pullback before moving higher. As much as I hate being bullish here, I still think we are going higher… probably tomorrow.
“If” the market can rollover here and push down with some volume, and bust through today’s current bottom, then I’ll re-access the charts, but for now I think we will continue up after these charts turn back up later today.
I guess everyone is asleep Dee. I’m not sure what to think right now about this move down? I’m kind of leaning with GG, as the first move down is to trap some bears, and then a squeeze back up should happen. But the charts are looking bears right now, so I’m not sure yet?
the set up is complete. if we are going to have a debasement (aka 1987), it can now happen. we dropped beneath the 50 and 55 DMA and rallied back to try and challenge it. this is the earmark of all large debasements. Thursday and Friday will be the tell tale days of reckoning! ARE YOU READY?????? ……. IIIiiiii SAID ~~~AAaaRE YOooooU R.E.A.D.Y!!!!
Well, from looking at the charts and more importantly the volume, I’d have to say that NO, this isn’t the start of the selling yet. I suspect we will retrace this move down as long as the volume remains light.
The 60 minute chart is almost bottomed on the Full STO’s and should turn back up within a few hours. The 30, and smaller charts should follow. If the move back up doesn’t take out the 1300 area and gets the charts overbought again, then I’ll be looking to go short.
But, right now it’s just looking like a technical pullback before moving higher. As much as I hate being bullish here, I still think we are going higher… probably tomorrow.
“If” the market can rollover here and push down with some volume, and bust through today’s current bottom, then I’ll re-access the charts, but for now I think we will continue up after these charts turn back up later today.
I guess everyone is asleep Dee. I’m not sure what to think right now about this move down? I’m kind of leaning with GG, as the first move down is to trap some bears, and then a squeeze back up should happen. But the charts are looking bears right now, so I’m not sure yet?
ok red,
the set up is complete. if we are going to have a debasement (aka 1987), it can now happen. we dropped beneath the 50 and 55 DMA and rallied back to try and challenge it. this is the earmark of all large debasements. Thursday and Friday will be the tell tale days of reckoning! ARE YOU READY?????? ……. IIIiiiii SAID ~~~AAaaRE YOooooU R.E.A.D.Y!!!!
what say you red? heehee
it was certainly looking like it, but now i’m of the opinion.
tempt the bears first hour, then spend all day taking their money – setup.
🙂
Everyone asleep??? So what’s your take? Do we tank today?
Actually they just sent me a memo….LOL
Oscar – good rant about Crude
if things continue… crude above 110… the market is screwed ….http://www.youtube.com/watch?v=J4BGUmToCQo
Here’s comes round 2 of the Europeans crisis:
http://www.zerohedge.com/article/irish-10-year-bonds-take-out-stops-yield-surges-past-10-first-time-history
Portugal will be watched today, to see if their govt becomes unhinged. This might be the excuse to retest the recent lows.
Don’t know… I am just upset that I didn’t get the memo… how inconsiderate of them
That’s strange… I wonder why they did that? I thought there already was a QQQ symbol being used?