8 replies to this topic

[NAV]

What on earth is that triple bottom on the SPX charts ? There ain't anything like triple bottoms. SPX hourly remains on a sell. I remain short on the rest half of my position from 1061. Technically, this pattern should eventually breakdown leading to new lows. But before it breaks down, a lot can happen to mess with our brains. Today's close was not as negative as i expected. There is an opportunity to jump-the-creek - any opening above SPX 1061 can create a shock-and-awe kind of move temporarily to get the shorts cover their positions (me included ) and then start the nex leg down. I am open to that possibility and have a trading plan in place, in case that happens. But many a times, we lose sleep over something that may never happen. Bottomline, technicals point to a continued downmove.

[qqqqtrdr]

What on earth is that triple bottom on the SPX charts ? There ain't anything like triple bottoms. SPX hourly remains on a sell. I remain short on the rest half of my position from 1061. Technically, this pattern should eventually breakdown leading to new lows. But before it breaks down, a lot can happen to mess with our brains.


Today's close was not as negative as i expected. There is an opportunity to jump-the-creek - any opening above SPX 1061 can create a shock-and-awe kind of move temporarily to get the shorts cover their positions (me included ) and then start the nex leg down. I am open to that possibility and have a trading plan in place, in case that happens. But many a times, we lose sleep over something that may never happen. Bottomline, technicals point to a continued downmove.

If we have the triple bottom as described below, this could be a large bottom that continue for a while....

http://www.investope...riplebottom.asp

[andiron]

i am getting more signals here that bear market is at hand...will be out of most of my longs this wk...i feel the down move will be swift & cathartic//

[Iblayz]

I'm sure I'll get some.....no way.....ain't gonna happen....can't happen......from this....but what if........

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&b=5&g=0&i=p34243402333&a=124899865&r=4934.png

[pedro]

I'm sure I'll get some.....no way.....ain't gonna happen....can't happen......from this....but what if........

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&b=5&g=0&i=p34243402333&a=124899865&r=4934.png

I like the C idea, but from lower as per NAV.

The semi's continue to lead ... down ... and hard. No HINT even of an upturn yet for them.
I don't see a sustained reversal this week. Maybe next.

[SilentOne]

I'm sure I'll get some.....no way.....ain't gonna happen....can't happen......from this....but what if........

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&b=5&g=0&i=p34243402333&a=124899865&r=4934.png

You mean like Neely's count??

http://www.traders-t...howtopic=122962

cheers,

john

[NAV]

I'm sure I'll get some.....no way.....ain't gonna happen....can't happen......from this....but what if........

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&b=5&g=0&i=p34243402333&a=124899865&r=4934.png

You mean like Neely's count??

http://www.traders-t...howtopic=122962

cheers,

john

Interesting. Neely pretty much missed the entire rally off the March 2009 bottom. Now he is calling for a multi-week, multi-month rally. From a sentiment perspective, it's entirely possible that his count may work. But from a technical and sesonality perspective, it looks dicey at this point.

[andiron]

jan 09 sentiment reached low 20s//market tanked 20% in a month...sentiment reached teens

[NAV]

jan 09 sentiment reached low 20s//market tanked 20% in a month...sentiment reached teens

Yep