That 1200 area is now going to be some tough resistance for the market Jason, so I’m also in agreement that the 1200 area will be as high as she goes back up before falling again.
1203 is the highest possible the SPX can go to, next day or so or next Monday….and then down another leg…a bigger down leg than the past 5 days. SPX at RSI 44, and to make RSI 30, that’s a 100 point drop. approx 1080….
25 more stocks went below RSI 30 today…The list is getting bigger and bigger every day…Does this trend have any actionable attributes?
See comment below!!!!!!!
I have so many mainstreaM stocks, even some DOW 30 stocks, below RSI 29, some stocks are at RSI 24 and getting worse.—ONCE a stock goes to this low of an RSI, it takes on average, two weeks for it to, bottom, trade sideways, and then push higher 3 or 4%, to reach RSI 30 again….TWO WEEKS, TWO WEEKS,TWO WEEKS….Have I got your attention on the time frame? Good, proceeding to the next, harder to understand concept….
These stocks stay so low, for so long, ( see time frame above), that they eventually PULL down the QQQQ to RSI 30…..
I’ve seen this happen 20 out 0f 20 times, without any exception….Does that get your attention?
Let us now proceed, to the logical conclusion.
The QQQQ’s are going to RSI 30….Trade accordingly…..
Not to sound like negative nancy but I think we have a pretty good chance of continuing to go down this week. (Depending on how this sentiment plays out)
-Renewed fear in PIIGS (Portugal, Ireland, Italy, Greece & Spain)
-Bank of America has issues. They sold their entire position in BlackRock (at a discount) and I think they are in desperation to raise more capital.
-China planning on raising interest rates (Again) on Friday.
-Continued Critisism over QE2.
-Foreclousure fraud is being pushing in the news again.
That 1200 area is now going to be some tough resistance for the market Jason, so I’m also in agreement that the 1200 area will be as high as she goes back up before falling again.
The market looks pretty weak right now. It makes you wonder if it’s going to rally back up any or not?
I am with you completely on this. 1080 and 2 weeks is exactly what i was looking at. One can be fluke. But 2 can’t. 🙂
Keep it coming man…
http://4.bp.blogspot.com/_g_zFj1WPpvY/TOLlnApY58I/AAAAAAAAAA8/E3r1Pi9A7Gw/s1600/spx1.png
Gr8 analogy. 1070 or so for this downtrend.
1203 is the highest possible the SPX can go to, next day or so or next Monday….and then down another leg…a bigger down leg than the past 5 days. SPX at RSI 44, and to make RSI 30, that’s a 100 point drop. approx 1080….
Dow Jones futures before opening bell
http://niftychartsandpatterns.blogspot.com/2010/11/dow-jones-futures-before-opening-bell.html
25 more stocks went below RSI 30 today…The list is getting bigger and bigger every day…Does this trend have any actionable attributes?
See comment below!!!!!!!
I have so many mainstreaM stocks, even some DOW 30 stocks, below RSI 29, some stocks are at RSI 24 and getting worse.—ONCE a stock goes to this low of an RSI, it takes on average, two weeks for it to, bottom, trade sideways, and then push higher 3 or 4%, to reach RSI 30 again….TWO WEEKS, TWO WEEKS,TWO WEEKS….Have I got your attention on the time frame? Good, proceeding to the next, harder to understand concept….
These stocks stay so low, for so long, ( see time frame above), that they eventually PULL down the QQQQ to RSI 30…..
I’ve seen this happen 20 out 0f 20 times, without any exception….Does that get your attention?
Let us now proceed, to the logical conclusion.
The QQQQ’s are going to RSI 30….Trade accordingly…..
Not to sound like negative nancy but I think we have a pretty good chance of continuing to go down this week. (Depending on how this sentiment plays out)
-Renewed fear in PIIGS (Portugal, Ireland, Italy, Greece & Spain)
-Bank of America has issues. They sold their entire position in BlackRock (at a discount) and I think they are in desperation to raise more capital.
-China planning on raising interest rates (Again) on Friday.
-Continued Critisism over QE2.
-Foreclousure fraud is being pushing in the news again.
New post…
Here’s a good website that talks about the Illuminati and has other good articles:
http://www.henrymakow.com/