Bonds have continued to sell off with equities which is really a dangerous sign. Likewise, gold and every commentator on the planet seems to be bullish on gold yet it still continues to fall.
Lumber continues to plummet demonstrating that no RSI level can be considered too low. So much for the so call housing recovery.
Which reminds me that IYR ie Reits have been hammered along with RTH (retail holders) and financials which had been the 3 strongest components of this final blowoff. They have relentlessly rallied over the past 6 months and seemed impervious to any sort of decline.
I’ve liked May 24th as a SINKO DE MAYA date for quite awhile but it’s pretty close to a top but as with the Nikkei, they have shown that they can crash it off a top at a stretched RSI level. In fact, I think all standard technical indicators should be ignored as they flash crash it from some unusual technical standards ie elevated $nysi, RSi’s etc.
In particular, May 24 is 1414 trading days from 10-11-2007 and 25years7months5days from the lesser grand ritual of ’87. May 24 also fits with the Cramer code which depicted the trading of CRM on May 20 at 4pm a few years back.
Then we have the infamous numerology flash during the halftime of a Lakers game back in February that ended in a 99-90 score where they showed an initial 59 (14 or 5) followed by a 24.
I posted that info real time and almost immediately the resident troll at the time was basically accusing me of being a crackpot.
I noticed that the MACD lines for the SP are about to cross over in a bearish fashion and wouldn’t it make sense for them to flash crash it before a technical trigger like that could occur as well as some others like $nysi still being above its 50 day average and the number of new highs, advance decline line, #of stocks above the 50 day average etc. still near peak levels.
A lot of people complacent about a trading day ahead of a 3 day holiday.
Astrowise, Quetzi. and Mercury will be conjunct each other just ahead of Saturday’s full moon. Mars and Jupiter also are bunched around the moon, sun, and the previously mentioned 2 entities.
The low is likely in for the week Seawind… so yes, the resistance will likely hold. The penny stock is showing lots of insiders (I’m guessing there) trying buy at low prices as they probably know about DMS going out to sea. By the way, they are currently on the water, so things are looking good for the next 2-4 weeks.
Will 1658-1660 resistance hold??? I have been asking myself that question…covered my short from yesterday….I’ll take a few bucks! Just watching once again till Tuesday most likely…….off tomorrow.
Have a great weekend one and all! Seawind
Gang, I think they are going to push this down move out until next week. You know how they like to make the market look good going into a 3 day holiday weekend. It’s obvious to me that they are holding this market up for that very reason. We should have rolled over early today and that’s not happened yet.
So, I current see a A wave up and it looks like we are in the B wave down right now. This leaves Friday open for the C wave up to complete the whole wave 2 up. I’m getting the feeling that this C wave tomorrow is going to scare the pants off the bears and go a lot higher then anyone will believe (but NOT take out the current high).
Therefore I’m going to exit all my short positions and wait to see what happens. I don’t trust these gangsters one bit and the trickiest move here to rip the market up hard tomorrow and fool all the bears.
Again, I have found it common that the gangsters will mix the wave 2 up inside a down day so you miss it and aren’t able to get short before the wave 3 down starts. This morning is a perfect example where we should go up in an ABC pattern to make a wave 2 and then rollover into the close to start the wave 3 down.
It should continue into Friday morning and hopefully fill the gap at 1597 spx. The 1620 area should provide some support too but it’s a vacuum to 1597 if that breaks…. and it ‘should’ break if we start a wave 3 down today into the close. While it will likely hold today tomorrow morning it should gap below if they continue to trick the bulls and bears like they have in the past.
So we should look for that 11am-2pm time frame for the end of this ABC move up to complete the wave 2 pattern. Then I think it’s a good short into tomorrow for continued selling.
Obviously at this point there’s no bounce from that lower trendline in the rising channel that the market ‘has’ been in for quite awhile now. Instead they gaped down out of it and now the open looks to be at least 10 points down.
This means that the first support is at 1630 and then 1597 for the gap fill, but there is also a rising channel on the daily that puts support around 1580 spx… which would scare the hell out of the bulls. I’d really expect a powerful 2-3 day rally from that level though…
Bonds have continued to sell off with equities which is really a dangerous sign. Likewise, gold and every commentator on the planet seems to be bullish on gold yet it still continues to fall.
Lumber continues to plummet demonstrating that no RSI level can be considered too low. So much for the so call housing recovery.
Which reminds me that IYR ie Reits have been hammered along with RTH (retail holders) and financials which had been the 3 strongest components of this final blowoff. They have relentlessly rallied over the past 6 months and seemed impervious to any sort of decline.
I’ve liked May 24th as a SINKO DE MAYA date for quite awhile but it’s pretty close to a top but as with the Nikkei, they have shown that they can crash it off a top at a stretched RSI level. In fact, I think all standard technical indicators should be ignored as they flash crash it from some unusual technical standards ie elevated $nysi, RSi’s etc.
In particular, May 24 is 1414 trading days from 10-11-2007 and 25years7months5days from the lesser grand ritual of ’87. May 24 also fits with the Cramer code which depicted the trading of CRM on May 20 at 4pm a few years back.
Then we have the infamous numerology flash during the halftime of a Lakers game back in February that ended in a 99-90 score where they showed an initial 59 (14 or 5) followed by a 24.
I posted that info real time and almost immediately the resident troll at the time was basically accusing me of being a crackpot.
I noticed that the MACD lines for the SP are about to cross over in a bearish fashion and wouldn’t it make sense for them to flash crash it before a technical trigger like that could occur as well as some others like $nysi still being above its 50 day average and the number of new highs, advance decline line, #of stocks above the 50 day average etc. still near peak levels.
A lot of people complacent about a trading day ahead of a 3 day holiday.
Astrowise, Quetzi. and Mercury will be conjunct each other just ahead of Saturday’s full moon. Mars and Jupiter also are bunched around the moon, sun, and the previously mentioned 2 entities.
S&P 500 Analysis after closing bell: http://niftychartsandpatterns.blogspot.in/2013/05/s-500-analysis-after-closing-bell_24.html
The low is likely in for the week Seawind… so yes, the resistance will likely hold. The penny stock is showing lots of insiders (I’m guessing there) trying buy at low prices as they probably know about DMS going out to sea. By the way, they are currently on the water, so things are looking good for the next 2-4 weeks.
Bank of America broadening pattern: http://niftychartsandpatterns.blogspot.in/2013/05/bank-of-america-support-and-resistance.html
Thx Mr. Red…..
Will 1658-1660 resistance hold??? I have been asking myself that question…covered my short from yesterday….I’ll take a few bucks! Just watching once again till Tuesday most likely…….off tomorrow.
Have a great weekend one and all! Seawind
Gang, I think they are going to push this down move out until next week. You know how they like to make the market look good going into a 3 day holiday weekend. It’s obvious to me that they are holding this market up for that very reason. We should have rolled over early today and that’s not happened yet.
So, I current see a A wave up and it looks like we are in the B wave down right now. This leaves Friday open for the C wave up to complete the whole wave 2 up. I’m getting the feeling that this C wave tomorrow is going to scare the pants off the bears and go a lot higher then anyone will believe (but NOT take out the current high).
Therefore I’m going to exit all my short positions and wait to see what happens. I don’t trust these gangsters one bit and the trickiest move here to rip the market up hard tomorrow and fool all the bears.
APPLE Resistance levels: http://niftychartsandpatterns.blogspot.in/2013/05/apple-resistance-levels.html
I’m looking for a backtest of this lower trendline in this rising channel today, and then rollover into the close. http://stockcharts.com/public/1092905/chartbook/287454750;
Again, I have found it common that the gangsters will mix the wave 2 up inside a down day so you miss it and aren’t able to get short before the wave 3 down starts. This morning is a perfect example where we should go up in an ABC pattern to make a wave 2 and then rollover into the close to start the wave 3 down.
It should continue into Friday morning and hopefully fill the gap at 1597 spx. The 1620 area should provide some support too but it’s a vacuum to 1597 if that breaks…. and it ‘should’ break if we start a wave 3 down today into the close. While it will likely hold today tomorrow morning it should gap below if they continue to trick the bulls and bears like they have in the past.
So we should look for that 11am-2pm time frame for the end of this ABC move up to complete the wave 2 pattern. Then I think it’s a good short into tomorrow for continued selling.
Not looking good for the US markets, that’s for certain… http://www.zerohedge.com/news/2013-05-23/japanese-stocks-plunge-over-800-points-biggest-drop-22-months
Obviously at this point there’s no bounce from that lower trendline in the rising channel that the market ‘has’ been in for quite awhile now. Instead they gaped down out of it and now the open looks to be at least 10 points down.
This means that the first support is at 1630 and then 1597 for the gap fill, but there is also a rising channel on the daily that puts support around 1580 spx… which would scare the hell out of the bulls. I’d really expect a powerful 2-3 day rally from that level though…