Really? I didn't think the VIX went that low today? OK then, where's the next downside print on SPX or SPY? How about 900… as that would make me happy. LOL
If we are forming a H&S on the daily, the right shoulder is SUPPOSED TO HAVE LOWER VOLUME. The low volume melt up to form the right shoulder at 1040ish could be validate the bear case from there and the H&S pattern itself.
No, they aren't all long now. They are just starting to get long. That's my point. Once enough of them are long, the market will likely reverse hard, and trap them.
Most are now looking for that right shoulder to form around 1140-1150, which I don't think it will get there, but instead turn back down, falling short of that target zone, and trapping them.
But, no one knows for sure? I only know that I've seen the market routinely fall short 5-10 points of a target zone, or over shoot it by 5-10 points. Which will happen? I don't know.
Really? I didn't think the VIX went that low today? OK then, where's the next downside print on SPX or SPY? How about 900… as that would make me happy. LOL
If we are forming a H&S on the daily, the right shoulder is SUPPOSED TO HAVE LOWER VOLUME. The low volume melt up to form the right shoulder at 1040ish could be validate the bear case from there and the H&S pattern itself.
Red if you recall Anna had prints of VIX at 24 10 days ago and they were met today.
I guess another bearish plus, we've filled the gaps on SPX from the move down. 1115.05 was waiting to be filled and it was right before the close.
why there?
Nice catches IlliniKap… maybe we will get them tomorrow?
Will I'm not a big fan of the Bear Case right now, ETFs for all the Major indices posted fake prints today and substantial volume.
SPY – $109.48 both Pre-Market and Afterhours
http://www.screencast.com/users/illinikap/folde…
DIA – $102.10 and that candle had the highest volume for the day
http://www.screencast.com/users/illinikap/folde…
QQQQ – $45.45 Printed During Trading Hours and Afterhours, once again biggest volume candle of the day
http://www.screencast.com/users/illinikap/folde…
IWM – $65.36 Print Printed During Trading Hours and Afterhours
http://www.screencast.com/users/illinikap/folde…
No, they aren't all long now. They are just starting to get long. That's my point. Once enough of them are long, the market will likely reverse hard, and trap them.
Most are now looking for that right shoulder to form around 1140-1150, which I don't think it will get there, but instead turn back down, falling short of that target zone, and trapping them.
But, no one knows for sure? I only know that I've seen the market routinely fall short 5-10 points of a target zone, or over shoot it by 5-10 points. Which will happen? I don't know.
Bulls are not all long now. What data are you tracking? Shorts are covering because they already took profits, it's summer.
Dow jones end of day analysis
http://niftychartsandpatterns.blogspot.com/2010…