21 replies to this topic

[dcengr]

its looking like the upside ended today.. following the script of the pattern so far. Probably 10 ES points min.

[rkd80]

its looking like the upside ended today..

following the script of the pattern so far.

Probably 10 ES points min.

2nd lowest volume day of the YEAR and Naz was making new highs....lordy.
IWM, Rut's etf lowest volume of the year despite new highs. Something has gotta give.

Edited by rkd80, 09 June 2009 - 03:23 PM.

[qqqqtrdr]

Decent Breadth continues as we move higher........ Still on the sidelines as I wait for a decent topping.... indication....

[IYB]

The dollar looks like it's finished it's corrective wave. I'll let the EW'er's do the labelling. My ST indicators are in sell mode by EOD. The first gust of wind to the South will blow the Seven Sentinels all back into sell territory.....fwiw, D

[opinionated]

IYB, Three sell signals without reaction... tradable play... Does this historiclly tell you anything?

[redfoliage2]

The dollar looks like it's finished it's corrective wave. I'll let the EW'er's do the labelling. My ST indicators are in sell mode by EOD. The first gust of wind to the South will blow the Seven Sentinels all back into sell territory.....fwiw, D

Don: You are referring to USD in ST Sell mode or the stocks?
Best!

[redfoliage2]

The dollar looks like it's finished it's corrective wave. I'll let the EW'er's do the labelling. My ST indicators are in sell mode by EOD. The first gust of wind to the South will blow the Seven Sentinels all back into sell territory.....fwiw, D

Don: You are referring to USD in ST Sell mode or the stocks?
Best!

As far as Euro/USD is concerned, a nested H&S is in the forming on the hourly.

[IYB]

IYB,

Three sell signals without reaction... tradable play... Does this historiclly tell you anything?

Two actually. No...it reminds me of April/early May 2006 where internals kept getting weaker as the market held up, and the argument by the bulls was, "internals down, getting oversold, but price is holding....that's bullish" I kept arguing that we were adding straw after straw to the camel's back and sooner or later, he'd buckle-hard. And he did with a sharp collapse into late June:

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&st=2006-02-09&en=2006-06-27&i=p14556387173&a=170409231&r=370.png

Red: I am referring to ST sell for market--dollar ready to rally again, imho. Regards, D

[denleo]

I am still hoping for another spike to 955ish in order for me to finnish scaling in. But I agree that today's advance was as pathetic as latest declines. And I got another sell signal on one of my volatility systems. Normally good for 30 - 50 spooz points. C'mon, lets spike it first and then go down. Denleo

[IYB]

Just for kicks, I dug out this relic from May 3, 2006, when I was arguing that the decline in the internals would soon lead to a break in the market. On the chart posted above, one can see that it peaked two days later on May 5, then cracked hard into June......

Anyhow - I just wanted to point out that to say that "because the market hasn't yet cracked in the face of ever accelerating decline in NYSI, then it must want to go up" is like saying -- "when we keep piling stones on a camel's back and he is still standing, that this must mean that as we keep piling them on, at some point he's goin' get up and fly."

NYSI can occasionally be very early in leading the market down -- as now -- but in the final analysis -- it doesn't lie. Evidence mounts. Short term bounces (if any) aside, as we keep piling on stones, at some point soon, this camel will collapse. Oops, I mean "give way". Sorry.

External follows internal. Price follows breadth. It's goin' down for the fourth time.

http://stockcharts.com/c-sc/sc?s=$NYSI&p=D&yr=3&mn=0&dy=0&id=p83202223573&a=71890160&.png
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=3&mn=0&dy=0&id=p54533879857&a=72094659&.png

Edited by IYB, 09 June 2009 - 04:45 PM.