The two strongest indices of this runup, the transports and retail (rth) were both down today with the action of RTH the following 3 days identical to the topping and reversal seen on March 24,27,28 2000 for the Nasdaq 100….Several European indices also closed in the red while the DAX put in a mega shooting star. Meanwhile, the euro and crude headed back down once again.
Oh there was a Charles Nenner citing as well or at least he’s becoming an internet sensation again . I remember his big ((and infamous appearance on CNBC) down near the March 2009 lows. He’s a nice bookend for this upward corrective interlude.
RTH (retail ETF) had its big day yesterday putting in a huge topping tail as well. Today it had a small inside day despite the big (or lets say euphoric) day. (which is very similar to that March 24,27 topping pattern).
Today is 10 days from the Feb 22 high, the 10days I mentioned a few days ago between the initial Nasdaq high in early March 2000 followed by a nonconfirming high 10 days later. Today the Russell 2000 and $nya didn’t make new high with the rest of the indices although they could follow through tomorrow to new highs. (jnk also without a new high…Inversely, TLT and #vix did not make newer lows)
But today is also 72 trading days from the November 16 low to match the 72 trading day rally off the 6-04 low into the 9-14 high last year. Both advances were preceded by 43 td corrections. ab=ab gartley pattern only in time not price. wolfe wave???
Today’s high is very much like the 9-14…A gap up new high with 700+new highs to shoot above the top BB with a small falling off/tailing action at the end. Meanwhile hysteria just rages just as the QE 4 euphoria was raging then.
Crude oil and the euro were hardly up with the other markest scorching higher. When I heard the Nasdaq was up 40 pts in the morning, I was expecting those 2 markets to be melting up considering how oversold they were. $cci index was barely up at all, although ags seem to dominate it. Instead, crude and the euro are just hovering above their downtrending lower BBs.
The trolls were coming out of the woodwork yesterday all over the blogoshere obviously enticing the commons to capitulate and buy the gap up open. I have hardly seen any comments from today though so I can’t measure it but so far but the trollometer appears to be fever pitched over at DE’s.
60 min RSI for the SP and basically other indices hit the 70 level today so a top could have been put in. The RSI reading wasn’t super extreme and in need of a divergence.
I am looking for a buying climax this week as defined by the Investor’s Intelligence crew which I haven’t seen mentioned in ages: The market hits a new high with a multitude of new issues hitting new highs but ultimately closing down for the week.
New lows actually shot up today on the $nyse to 55 new lows.
The two strongest indices of this runup, the transports and retail (rth) were both down today with the action of RTH the following 3 days identical to the topping and reversal seen on March 24,27,28 2000 for the Nasdaq 100….Several European indices also closed in the red while the DAX put in a mega shooting star. Meanwhile, the euro and crude headed back down once again.
New update for the newsletter…
For your knowledge…
http://www.youtube.com/watch?v=M_Hpsks2HmE
Are we there yet? Climbing this mountain feels funny lately as it seems like I’m walking on air.
ES Resistance line: http://niftychartsandpatterns.blogspot.in/2013/03/es-resistance-line.html
Bank of America chart analysis: http://niftychartsandpatterns.blogspot.in/2013/03/bank-of-america-chart-analysis.html
Oh there was a Charles Nenner citing as well or at least he’s becoming an internet sensation again . I remember his big ((and infamous appearance on CNBC) down near the March 2009 lows. He’s a nice bookend for this upward corrective interlude.
RTH (retail ETF) had its big day yesterday putting in a huge topping tail as well. Today it had a small inside day despite the big (or lets say euphoric) day. (which is very similar to that March 24,27 topping pattern).
Churchill resigned on the 22nd
http://www.thepeoplehistory.com/may22nd.html
Today is 10 days from the Feb 22 high, the 10days I mentioned a few days ago between the initial Nasdaq high in early March 2000 followed by a nonconfirming high 10 days later. Today the Russell 2000 and $nya didn’t make new high with the rest of the indices although they could follow through tomorrow to new highs. (jnk also without a new high…Inversely, TLT and #vix did not make newer lows)
But today is also 72 trading days from the November 16 low to match the 72 trading day rally off the 6-04 low into the 9-14 high last year. Both advances were preceded by 43 td corrections. ab=ab gartley pattern only in time not price. wolfe wave???
Today’s high is very much like the 9-14…A gap up new high with 700+new highs to shoot above the top BB with a small falling off/tailing action at the end. Meanwhile hysteria just rages just as the QE 4 euphoria was raging then.
Crude oil and the euro were hardly up with the other markest scorching higher. When I heard the Nasdaq was up 40 pts in the morning, I was expecting those 2 markets to be melting up considering how oversold they were. $cci index was barely up at all, although ags seem to dominate it. Instead, crude and the euro are just hovering above their downtrending lower BBs.
The trolls were coming out of the woodwork yesterday all over the blogoshere obviously enticing the commons to capitulate and buy the gap up open. I have hardly seen any comments from today though so I can’t measure it but so far but the trollometer appears to be fever pitched over at DE’s.
60 min RSI for the SP and basically other indices hit the 70 level today so a top could have been put in. The RSI reading wasn’t super extreme and in need of a divergence.
I am looking for a buying climax this week as defined by the Investor’s Intelligence crew which I haven’t seen mentioned in ages: The market hits a new high with a multitude of new issues hitting new highs but ultimately closing down for the week.
New lows actually shot up today on the $nyse to 55 new lows.