Well, if we close higher than the DJIA containment point, there is no reason that the operators won't continue to take it to the next level higher and the next level after that. Indicators no longer seem to be working.
June S&P E-mini Futures: Today's range estimate is 1156 – 1169. I think another day or two of trading sideways or a bit downward is likely here. But I also think a strong move upward will begin next week. The ES should reach 1200 in April on its way to 1225 or so.
1160.25 -1176.50 actual yesterday (16.25 points) 1158.25 – 1168.25 last night's range (10 points) 1156-1169 estimate for today (13 points) 1164.25 currently, so estimate is -8.25 to +4.75 from here (bearish)
A pierce above 11k to lure in more retail bulls, and kill the last bear makes perfect sense. Maybe a flat to slightly up day today, and one more bullish Monday to hit those targets…
I know what Dow theory is. But theory is just that. Examine the data and see for yourself. I already showed two cases of spectacular failure in my previous post above.
TNA is now a SELL. There was a low reliability SELL-IF signal last evening, which was confirmed today when TNA (after a gap up) dropped to yesterday’s closing price ($55.61). The candlestick today was a Long Black Candlestick (strong selling pressure).
TZA is now a BUY. There was a low reliability BUY-IF signal last evening, which was confirmed today when TZA (after a gap down) rose to yesterday’s closing price ($7.04). The candlestick today was a White Candlestick (normal buying pressure).
Two recent TZA Buy signals have failed and may perhaps serve as a warning: Buy at $7.33, sell at $7.14 Buy at $7.11, sell at $7.05 Buy at $7.04 today
Summary of $RUT based ETFs: Hold: IWM (1x) [I think AB is just wrong here. It’s a sell also (to me)] Confirmed SELL: UWM (2x), TNA (3x) Confirmed BUY: RWM (-1x), TWM (-2x), TZA (-3x)
Carl just announced his 1200 target raised to 1225.
Higher we go, until it blows up.
Well, if we close higher than the DJIA containment point, there is no reason that the operators won't continue to take it to the next level higher and the next level after that. Indicators no longer seem to be working.
Carl’s morning call:
June S&P E-mini Futures: Today's range estimate is 1156 – 1169. I think another day or two of trading sideways or a bit downward is likely here. But I also think a strong move upward will begin next week. The ES should reach 1200 in April on its way to 1225 or so.
1160.25 -1176.50 actual yesterday (16.25 points)
1158.25 – 1168.25 last night's range (10 points)
1156-1169 estimate for today (13 points)
1164.25 currently, so estimate is -8.25 to +4.75 from here (bearish)
A pierce above 11k to lure in more retail bulls, and kill the last bear makes perfect sense. Maybe a flat to slightly up day today, and one more bullish Monday to hit those targets…
$SPX is going to print 1178.60
$VIX 16.90
XLF 16.21
the $DJI has an interesting setup on the daily with it's containment pts.
http://www.flickr.com/photos/47091634@N04/44639…
it's been rejected by it's red containment pt. 2 straight days
yesterday the red line was @ 10,842.07 & the $DJI closed @ 10,841.21
the next containment pt. is @ ~11,024
Your examples are excellent, and clearly show why Dow Theory is just a theory.
I hope I am not the one being sacrificed!
I know what Dow theory is. But theory is just that. Examine the data and see for yourself. I already showed two cases of spectacular failure in my previous post above.
The Daily view from Americanbulls
TNA is now a SELL. There was a low reliability SELL-IF signal last evening, which was confirmed today when TNA (after a gap up) dropped to yesterday’s closing price ($55.61). The candlestick today was a Long Black Candlestick (strong selling pressure).
TZA is now a BUY. There was a low reliability BUY-IF signal last evening, which was confirmed today when TZA (after a gap down) rose to yesterday’s closing price ($7.04). The candlestick today was a White Candlestick (normal buying pressure).
Two recent TZA Buy signals have failed and may perhaps serve as a warning:
Buy at $7.33, sell at $7.14
Buy at $7.11, sell at $7.05
Buy at $7.04 today
Summary of $RUT based ETFs:
Hold: IWM (1x) [I think AB is just wrong here. It’s a sell also (to me)]
Confirmed SELL: UWM (2x), TNA (3x)
Confirmed BUY: RWM (-1x), TWM (-2x), TZA (-3x)
Action for tomorrow: none
Although I suppose we could still bounce from here as we did in late November after we crossed the 0 line.