Zew is out tomorrow. that is a sentiment survey and concidering the turmoil in euroland I would have to guess that it will be weak. meaning weak euro. and maybe Dax and ftse goes down some.
I've had it with this crash scenerio. I still have to evaluate but I think maybe jawizz is right tomorrow. down steeply then rally
Perhaps … the dollar/euro could fall/rise quite a bit without jeopardizing their primary trends, but divining clues of tomorrow's action based on today's currency moves requires more art than I possess.
The bulls didn't exactly throw in the towel today … a test of major resistance on light volume sold off, not exactly a game changer. Going forward, will the market build on recent support or sell off? I dunno, though I don't think the current action calls for aggressive shorting. $NYSI/$NASI, by design lagging indicators, have started ticking up and also seem to suggest caution to the bears.
The dollar fell hard today, that's for sure. It needs to find support and bounce if the market is going to fall hard tomorrow. It might not, and instead only backtest the 1080 broken trendline, from the falling channel.
The dollar, and of course it's opposite… the euro, are the key to whether tomorrow is a small down day, or large one?
Red, sweet… Fade the gap up 8:15, great call. 103 -103.5 on the DIA, for Tuesday is the resistance, again. VIX is moving higher, either Tuesday or Wed, imo.
Consider the $USD chart, particularly the recent action around the 10dema and 20dema, and the correlation (sometimes stronger than others) between dollar weakness and strength in equities.
I have a feeling that's what dow is trying to do and this correction may end there. The index might bounce from the upper trendline of the falling wedge
Zew is out tomorrow. that is a sentiment survey and concidering the turmoil in euroland I would have to guess that it will be weak. meaning weak euro. and maybe Dax and ftse goes down some.
I've had it with this crash scenerio. I still have to evaluate but I think maybe jawizz is right tomorrow. down steeply then rally
Perhaps … the dollar/euro could fall/rise quite a bit without jeopardizing their primary trends, but divining clues of tomorrow's action based on today's currency moves requires more art than I possess.
The bulls didn't exactly throw in the towel today … a test of major resistance on light volume sold off, not exactly a game changer. Going forward, will the market build on recent support or sell off? I dunno, though I don't think the current action calls for aggressive shorting. $NYSI/$NASI, by design lagging indicators, have started ticking up and also seem to suggest caution to the bears.
Hi Reza! Watch out that $XAL doesn't go 15% higher from here! These guys are on fire, with all of their extra add on fees.
Quite painful to watch the market float up today… on nothing but air. However, the sell off into the close will nice.
The dollar fell hard today, that's for sure. It needs to find support and bounce if the market is going to fall hard tomorrow. It might not, and instead only backtest the 1080 broken trendline, from the falling channel.
The dollar, and of course it's opposite… the euro, are the key to whether tomorrow is a small down day, or large one?
Shorting Q's @ 46, is still working, too!
Red, sweet… Fade the gap up 8:15, great call. 103 -103.5 on the DIA, for Tuesday is the resistance, again.
VIX is moving higher, either Tuesday or Wed, imo.
SP 500 end of day analysis
http://niftychartsandpatterns.blogspot.com/2010…
Consider the $USD chart, particularly the recent action around the 10dema and 20dema, and the correlation (sometimes stronger than others) between dollar weakness and strength in equities.
I have a feeling that's what dow is trying to do and this correction may end there. The index might bounce from the upper trendline of the falling wedge