The market is pretty oversold right now, and this bounce could go up to as high as 1092, but 1088-1089 is more likely. I expect take a few hours before it rolls back down again. I think it will sell off into the close. We need to close below 1067-1068 today, as that would likely produce a gap down on Monday.
I suppose the Obama speech the other day about “good” job numbers did not work out today ………….. or did it? He knew then, what he was doing, its all a game ….. good trading to all
Talking Heads are telling the sheep to buy this low … classic
Basically, its an elliott wave chart. Other 'research' points to resistance at the 1115-1110 level, so I tried to see if an elliott wave scenario would support it. There are many blogs on ew, many different variations of the chart, one good one would be http://marketthoughtsandanalysis.blogspot.com/
Regarding the MA chart, not to be dramatic, but i've been asked not to repost that chart and I want to respect that person's wishes. Sorry.
What do you mean Jim? The vix was 29.46 yesterday, and now it's up 3.10 to 32.56. That's about typical. It's not capitulation yet, as I don't expect that until next week, but it's normal.
We need to break this lower support line of the rising channel, and we should fall fast and hard. Should break before the end of the day.
http://4.bp.blogspot.com/_-p17nqJfPI8/TAkPralrs…
SP 500 hourly chart Bulls are getting some support from the hourly chart
http://niftychartsandpatterns.blogspot.com/2010…
The market is pretty oversold right now, and this bounce could go up to as high as 1092, but 1088-1089 is more likely. I expect take a few hours before it rolls back down again. I think it will sell off into the close. We need to close below 1067-1068 today, as that would likely produce a gap down on Monday.
On the vixes. I have learned that the daily has to be above 12% change either way to support a significant movement either way.
The % seems to indicate the daily intensity rather than the actual number as you point out.
Exactly Jeff…
This is a time to sell the bounce, not buy the dip.
I suppose the Obama speech the other day about “good” job numbers did not work out today ………….. or did it? He knew then, what he was doing, its all a game ….. good trading to all
Talking Heads are telling the sheep to buy this low … classic
Once this line breaks, we should see a lot more selling….
http://4.bp.blogspot.com/_mNgsiAj3Xko/TAkDshS64…
Basically, its an elliott wave chart. Other 'research' points to resistance at the 1115-1110 level, so I tried to see if an elliott wave scenario would support it. There are many blogs on ew, many different variations of the chart, one good one would be http://marketthoughtsandanalysis.blogspot.com/
Regarding the MA chart, not to be dramatic, but i've been asked not to repost that chart and I want to respect that person's wishes. Sorry.
Best wishes.
VIX broke out today as far as I can tell.
I have a theory about VIX, that recent activity is not a breakdown of trend, but a consolidation into a broader and more long-term trend.
What do you mean Jim? The vix was 29.46 yesterday, and now it's up 3.10 to 32.56. That's about typical. It's not capitulation yet, as I don't expect that until next week, but it's normal.