8 replies to this topic

[TechMan]

So, I've had my Oversold Bounce on Friday.

And, closing at intraday high (blue arrow) indicates the probability of another rally attempt on Monday to reach that lower trendline.





However, my deteriorating MACD Signal Line (red curve) indicates that rally is likely to fail. The question is whether it's going to be an intraday or an inter-day failure.





The intraday negative divergence of my Nasdaq Relative Up Volume in the closing hour on Friday indicates a likely intraday failure on Monday. Therefore, I'll be looking for opening pop or early session rally to short.

So, we'll see.

Edited by TechMan, 23 February 2013 - 08:03 PM.

[TechMan]

Based on my own criteria, the daily scan of the number of issues with the RSI overbought and declining went haywire. September top only took 31 and 72 issues on 9/17/12 and 9/18/12. Now it went triple digit with 111 issues on 1/30/13 and as many as 138 on 2/20/13.

Incredible.

[opinionated]

Have an order to short the pop Monday TM... But don't think this is "The" big sell. Think that happens around March 4-5

[TechMan]

Have an order to short the pop Monday TM... But don't think this is "The" big sell. Think that happens around March 4-5

Beware "THE NONES OF MARCH".


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The NDX had finally made a big enough move to break out of my aforementioned narrow 0.4% box on Wednesday, 2/20/13.

As a QQQ trader, the most critical level to me is 66.21, which is the equivalence of NDX 2700. A break below NDX 2700 will likely have completed the Right Shoulder of a QQQ weekly Head & Shoulders formation with the Neckline support at approx. 62 and the ultimate breakout target near 50.43, if the breakout took place.

[CLK]

Be prepared for a gap down that gets bought.

[opinionated]

Really CLK, What about a gap up! Pulling my order I believe. I mean a 2% gap in the Dax makes me wonder if I'm seeing what I thought I was seeing? And on what news! Hmmm O

[CLK]

Really CLK,

What about a gap up! Pulling my order I believe. I mean a 2% gap in the Dax makes me wonder if I'm seeing what I thought I was seeing?

And on what news!

Hmmm

O

News can always change the futures, I am positioned
correctly already. I called the small drop last night,
I thought that would be duplicated at the open.

[opinionated]

Not trashing my friend, Inquiring! I have no position, thinking of a test lower after the open if 1523 holds I think we test 1513-15 area but IT direction fogged up on me!

[CLK]

Good call TechMan. I was prepared for a little selling, not that much. Never thought they would hit it that hard with dax up 2%.