It tells me that the +DI line doesn't have anymore strength behind it, while the -DI line is rising on weak strength… meaning that once the ADX line gains in strength, the -DI line is going to rocket higher.
That all should happen once the daily chart starts to roll over. I give it 1-2 more days at most, and then the daily should roll over. That doesn't mean we can't get an exhaustion push higher (to 1131 or so), before falling back down to earth.
Beautiful impulsive move down this morning. 60 min MACD rolling over and historograms about to go negative. Let's see if they can jam it up from this formation. Today is 99 calendar days from April 26 high and 33 calendar days from July 1 low. (66days down to July low). Its also 69 trading days from April 26. Euro looks topped here. Rallied back to the ledge from where it collapsed in May (ala stock market fractal from Sept 2008 to April 2010). Dow stocks have rallied hard with the euro (ie oil/materials companies plus megaconglomerates who get a heavy chunk of earnings overseas.) Once the euro reverses, it will pull all those companies back down with it.
i am surprised at the level of weakness they seem to indicate especially as we move into close today.
i would have bet we put pressure on the 1131 level today.
i believe news out tomorrow offers more negative juice that may or may not play out (usually shrugged off).
It tells me that the +DI line doesn't have anymore strength behind it, while the -DI line is rising on weak strength… meaning that once the ADX line gains in strength, the -DI line is going to rocket higher.
That all should happen once the daily chart starts to roll over. I give it 1-2 more days at most, and then the daily should roll over. That doesn't mean we can't get an exhaustion push higher (to 1131 or so), before falling back down to earth.
Iam curious what anyone thinks of the adx on 60 minute. I think it isn very strange.
ADX is at 18.87 Green line at 32.17 and red slightly below at 25.17
iam not an expert at that chart and Chart trader plays it up big.
Russell 2000 starting to break down.
Beautiful impulsive move down this morning. 60 min MACD rolling over and historograms about to go negative. Let's see if they can jam it up from this formation. Today is 99 calendar days from April 26 high and 33 calendar days from July 1 low. (66days down to July low). Its also 69 trading days from April 26.
Euro looks topped here. Rallied back to the ledge from where it collapsed in May (ala stock market fractal from Sept 2008 to April 2010). Dow stocks have rallied hard with the euro (ie oil/materials companies plus megaconglomerates who get a heavy chunk of earnings overseas.) Once the euro reverses, it will pull all those companies back down with it.
I expect a pop higher into the close too…
S&P 500 support and resistance lines
http://niftychartsandpatterns.blogspot.com/2010…
Yea, doesn't show up when I'm on my laptop, but my Iphone app for TOS shows it still on a 5 minute chart
Interesting… I don't see in now, on the TOS 5 minute chart. That would equal about the 109 spy low on Friday.
I see… they have been dropping for quite a few days now. Hmmm…