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Listen to Mark S. Young's Interview on MarketView
Seems like the sp500 is forming a H&S pattern that is lining up for a drop down next week with perhaps a VIX spike
But for this to work we cannot exceed the price high of yesterday on a closing basis.
Remember 21st of August 2015 ? This mid to end of August seems to have a nasty habit of pulling the rug out from the market. Everything looks aligned that way this time around as well starting Monday of next week.
Ideal short opportunity Friday IMO.
The market is exhibiting this CREEPY sideways tendency. In the 2015 scenario that was going on for a much longer time period. This time around it has an extended upward slant to it. But at the end of the day we may get a similar outcome.
The DJIA had the huge gap and run Thursday reminiscent of that paulson rally in 2008. We should see a full retrace of this and gap fill and then continued down.
As my oscillator predicted the low would form about now, it is always +/- a day or two, and it was pointed at next monday. Notice it came down on much smaller volume than July, good divergence, this should be it, the bull flag should now break out of it's top channel next week. Kudos to Semi for calling almost the exact number low, even if he thinks it's going lower still.
From the Link:
It appears the market could go up tomorrow.
“Could go up”, I say that hesitantly because for end-of-the day swing traders like me, this has been a rather confounding week. On Monday, all of my swing signals (based on price, breadth, volatility) were on sells for Tuesday – Tuesday the intraday market went up. At the end of the day Tuesday all of the signals were on buys for Wednesday – Wednesday the intraday went down. At the close Wednesday, all of the signals were again on sells – today the market went up again.
Well, in SPY’s case it went back up into the Monday’s price range – in other words, sideways, sideways, sideways…
For more and the chart:
From the Link:
A bounce may be due right about now for a quick scalp on the long side before any more decline. After drops like these this week, it will not surprise me if short-sellers want to log some profits for the weekend. Watch the open tomorrow for a trigger and keep a tight stop.
It must be stressed more downside will come with this much momentum in place. Shorting the bounce, if and whenever it comes, may be the better strategy for swing traders. The sector will be in its own bear market until it isn’t anymore and it’s going to have to base for sometime before it ever sees a bull again.
For more and the charts: