Elliot Wave seems to be accepting of possible SPX targets circa 1130 and 1150; here is the direct quote from today's short update:
“Yesterday the S&P filled its gap at 1115.05, with a seeming increase in upside momentum. NYSE volume however, remained muted at 1.15 billion shares traded, the third slowest day since the start of May. Equally important, there was no follow-through today. The Dow gained a small 4.5 points by today's close, with the S&P down just under a point. More stocks closed down than up on the day on the NYSE, within the S&P 500 and also for the DJ Composite. Today's Big Board volume was similarly slow relative to yesterday, with 1.16 billion shares traded. Daily volume has been well beneath its 10-day average level for the past five sessions, as shown on the chart below. Both the Dow and S&P have now retraced 44% of Minor wave 1, which remains well within a normal upward correction. A few people appear antsy with respect to the start of wave 3 down and that's understandable. The next leg lower should be exciting to not only see unfold, but to benefit from. The stock market will start down when it's ready and we have to bide our time until all the upside potential has been exhausted. This potential allows for an extension to either the area surrounding the 1130 level, or the 1143-1152 range, as shown on the above chart. With today's weak internals, I am not certain of the rally has enough left in it to push to either of this targets. But as long as the S&P remains above 1075, we will respect this possibility. We will try to identify the turn down sooner and discuss it here.”
New York Stock Composite is a few days away from a death cross. A new bull move is starting with this formation? The leading index to the downside has already made a death cross (about a week ago) and is still well below its Feb low (it's a US index not EEM). Summation Index is reloading and building more firepower to the downside for the next move. $NYMO putting in the exact pattern during Sept 1987 “B” wave.
$SPX closed at 1114 today and DOW had its high today at 10429. The January 4th low (opening week low) for $SPX was 1115 and Dow 10430. A little stealth resistance there. Other Indices are struggling with their January highs.
Hi Red, You were asking about bad prints/ticks. I spotted this one nearly a year ago on my TD Ameritrades iPhone app only: http://twitpic.com/8ysgl it is pretty special. Didn't really think it had any significance at the time.
Not a crash, but a proper bottom with capitulation. If that works out to be a crash, then so be it.
I think we could have a very large sell-off starting at any time, and the clue is disproportionate NYMO as I referred to this morning. It could also continue be deferred for a while.
Almost forgot the death cross, but yes, over the next two weeks 40dma is going to drop like a rock as high April days fall out.
Interesting facts on $NYMO history and the January indexes, too. Thanks for posting!
Thanks for update Phoevos…
Elliot Wave seems to be accepting of possible SPX targets circa 1130 and 1150; here is the direct quote from today's short update:
“Yesterday the S&P filled its gap at 1115.05, with a seeming increase in upside momentum. NYSE volume however, remained muted at 1.15 billion shares traded, the third slowest day since the start of May. Equally important, there was no follow-through today. The Dow gained a small 4.5 points by today's close, with the S&P down just under a point. More stocks closed down than up on the day on the NYSE, within the S&P 500 and also for the DJ Composite. Today's Big Board volume was similarly slow relative to yesterday, with 1.16 billion shares traded. Daily volume has been well beneath its 10-day average level for the past five sessions, as shown on the chart below. Both the Dow and S&P have now retraced 44% of Minor wave 1, which remains well within a normal upward correction. A few people appear antsy with respect to the start of wave 3 down and that's understandable. The next leg lower should be exciting to not only see unfold, but to benefit from. The stock market will start down when it's ready and we have to bide our time until all the upside potential has been exhausted. This potential allows for an extension to either the area surrounding the 1130 level, or the 1143-1152 range, as shown on the above chart. With today's weak internals, I am not certain of the rally has enough left in it to push to either of this targets. But as long as the S&P remains above 1075, we will respect this possibility. We will try to identify the turn down sooner and discuss it here.”
Yeah… I suspect some false flag event to happen over the weekend to cause the sell off. What? I don't know, but it's going to be bad… I believe.
New York Stock Composite is a few days away from a death cross. A new bull move is starting with this formation? The leading index to the downside has already made a death cross (about a week ago) and is still well below its Feb low (it's a US index not EEM). Summation Index is reloading and building more firepower to the downside for the next move. $NYMO putting in the exact pattern during Sept 1987 “B” wave.
$SPX closed at 1114 today and DOW had its high today at 10429. The January 4th low (opening week low) for $SPX was 1115 and Dow 10430. A little stealth resistance there. Other Indices are struggling with their January highs.
LOL… if we ever go negative playing the stock market would be the last thing I would be doing.
Hi Red, You were asking about bad prints/ticks. I spotted this one nearly a year ago on my TD Ameritrades iPhone app only: http://twitpic.com/8ysgl it is pretty special. Didn't really think it had any significance at the time.
Not a crash, but a proper bottom with capitulation. If that works out to be a crash, then so be it.
I think we could have a very large sell-off starting at any time, and the clue is disproportionate NYMO as I referred to this morning. It could also continue be deferred for a while.
At the 3/09 bottom, TZA was about $120. Of course, it then had an earnings record and the public was bearish.
TZA appreciates rapidly with a premium, like an option, when the outlook is negative.
With a sub-1000 SPX, I think it could go to $15-$20 pretty easily. I will sell not so much on price, but when hopefully when bearishness peaks.