It's hard too say Jim? The 60 minute chart is still pushing up, but the 15 and 5 are already topped and could roll over at any time. It's going to be up to claims numbers tomorrow I believe.
A good number or simply one that meets the expectations is going to rally the market a little high, but a really bad number will likely mean that the rally has ended.
Anything is possible Dread, but it just doesn't feel done to me… or look done on the daily, weekly and monthly charts. But, as small bounce it overdue in the market.
Hopefully, your DRN will bounce now that all the housing data news is out and over with. As for the spy, I think the best the bulls could hope for is a 1-2 day rally. But, I don't see it going too far back up… especially with the GDP out on Friday. They might fudge the claims numbers tomorrow, but I think any rally up is just another spot to get short at.
Thanks Red. So far, so good on my DRN. $RMZ (real estate index) has been screaming that the bottom is in. It did not set a lower low today. Either we are in a complex wave 4 (possible!) or we're done with the downside.
My thinking too. I could see a surprise rally tomorrow if the claims numbers don't disappoint too badly, but then if the GDP is really bad on Friday… then that could be a major sell off day.
It's hard too say Jim? The 60 minute chart is still pushing up, but the 15 and 5 are already topped and could roll over at any time. It's going to be up to claims numbers tomorrow I believe.
A good number or simply one that meets the expectations is going to rally the market a little high, but a really bad number will likely mean that the rally has ended.
Or is it over already?? what a game ??
The rally is on… finally!
Anything is possible Dread, but it just doesn't feel done to me… or look done on the daily, weekly and monthly charts. But, as small bounce it overdue in the market.
Hopefully, your DRN will bounce now that all the housing data news is out and over with. As for the spy, I think the best the bulls could hope for is a 1-2 day rally. But, I don't see it going too far back up… especially with the GDP out on Friday. They might fudge the claims numbers tomorrow, but I think any rally up is just another spot to get short at.
Thanks Red. So far, so good on my DRN. $RMZ (real estate index) has been screaming that the bottom is in. It did not set a lower low today. Either we are in a complex wave 4 (possible!) or we're done with the downside.
I don't know Woody? I don't follow them. It's probably just a technical bounce like we are having in the market today (only on a daily based chart)
Anyone have some insight into homebuilders? July had the lowest number of homes built/contracted… and the homebuilders are up 1-4%? WTH?
My thinking too. I could see a surprise rally tomorrow if the claims numbers don't disappoint too badly, but then if the GDP is really bad on Friday… then that could be a major sell off day.
I am expecting the market to consolidate with a positive bias and then go down again.
So what's your thoughts on the market San? Relief rally tomorrow, followed by another sell off on Friday?