black monday or black friday?

Stickan was right.. market looks like it wants to go right into the Jupiter Saturn Opposition This Sunday. Last time that aspect occurred Iraq invaded kuwait and we went to war.

http://www.traders-t...howtopic=118997

the last thing this market needs is for a war to start...

letss see what else is on deck..

obama to talk in 20 minutes about getting tough on banks

senate vote tomorrow on financial reform bill

german referndum on greece bailout..

something really ugly is going to happen this weekend...

my gut says the intraday low will be on Monday May 24, 2010

P.S. I also just noticed we did a MARIBUZU Candlestick (open is equal to the high and low is equal to the close) on the sp500. wow.

Edited by tradesurfer, 20 May 2010 - 03:10 PM.

Monday the European markets are closed. That presents extra angst.

2 hours before the market closed I received this information:

* This is only the 6th time in history the S&P 500 futures have declined 5 days in a row and then gapped down at least -1%. All five of the others closed above the opening price. (today closed under the open!)

* The total put/call ratio is poised to close at its 4th-highest level since modern reporting began in 1995. The other 3 were all clustered in late February, early March 2007.

* The Up Issues Ratio is so low, at just under 4%, that only two other days since 1950 can match this bad breadth. They were 9/26/55 and 10/19/87, after which we saw vicious short-term bounces.

The Up Issues Ratio is so low, at just under 4%, that only two other days since 1950 can match this bad breadth. They were 9/26/55 and 10/19/87, after which we saw vicious short-term bounces.

My charts suggest that there may be just enough divergence in price and MOM to give a quick up kick worthy of trading.

If not ................
mss

i guess i have to ask the question who in their right mind would want to hold onto stocks on a friday into the close with all that is going on... that is why monday makes more sense for a low.

the setup right now seems very similar to 1987

On Thursday i think in 1987 the market was just closing under the 200 day moving average and there were a series of RELENTLESS MARIBUZU candlesticks...

and we seem to have gotten one of them today!

does anyone here see us hitting 825 on the SP500 ? lol that would be the equivalent level 1987 style move.

also, the two worst days of the 87 crash STARTED from an RSI level of 30, today close we hit an RSI level of 30.

a break below the 30 level is considered the power zone for sellers similar to the way a break above the 70 level is the powerzone for bulls.

a series of bigger and bigger maribuzu candlesticks would do it :

http://web.streetaut...ubozucandle.asp

Edited by tradesurfer, 20 May 2010 - 03:39 PM.

Stickan was right.. market looks like it wants to go right into the Jupiter Saturn Opposition This Sunday. Last time that aspect occurred Iraq invaded kuwait and we went to war.

http://www.traders-t...howtopic=118997

the last thing this market needs is for a war to start...

letss see what else is on deck..

obama to talk in 20 minutes about getting tough on banks

senate vote tomorrow on financial reform bill

german referndum on greece bailout..

something really ugly is going to happen this weekend...

my gut says the intraday low will be on Monday May 24, 2010

P.S. I also just noticed we did a MARIBUZU Candlestick (open is equal to the high and low is equal to the close) on the sp500. wow.

Hi,you might be on the right track,
if you pull up a 5 min chart of the S+P covering 3 days,we might be looking at a running correction to the downside which formed between 11.00 AM wed and 3.00 PM today.
IF [and thats the key] thats what it is,then we are looking at a gap down and to min. 1045 s+p and can assume we are in the 3rd of the 3rd from 1148 s+p and end up near 950 s+p before the 3rd wave is over. OTOH if BEN cranks up the helicopter overnight ,this analysis is being trashed like so many others in the past. twt.
good luck,
pisces.

while the chart sure seems compelling and perhaps would happen but for intervention.. if 5/6 crash was averted so will any future ones... PPT was formed after 1987...

while the chart sure seems compelling and perhaps would happen but for intervention..
if 5/6 crash was averted so will any future ones...
PPT was formed after 1987...

what are they possibly going to do to avert this crash?

say the fed window is open again and the fed is buying stocks ?

EURO land already said it was going to throw a trillion at this problem but we are already much lower.

is the market still at a the point where the Fed is like ******* and can work miracle recoveries ?

they will intervene but the question is when? before the 20% drop or right after it already plays itself out.

Monday the European markets are closed. That presents extra angst.

2 hours before the market closed I received this information:

* This is only the 6th time in history the S&P 500 futures have declined 5 days in a row and then gapped down at least -1%. All five of the others closed above the opening price. (today closed under the open!)

* The total put/call ratio is poised to close at its 4th-highest level since modern reporting began in 1995. The other 3 were all clustered in late February, early March 2007.

* The Up Issues Ratio is so low, at just under 4%, that only two other days since 1950 can match this bad breadth. They were 9/26/55 and 10/19/87, after which we saw vicious short-term bounces.

why are European markets closed on Monday????

I know at 3:30 AM EST tomorrow morning the German Parliament votes on Greece. What time does our senate or congress (whatever is next) vote tomorrow? Can anyone tell? TIA.

Listen Guys... Chart wise we are on a short term buy, but if we are in a crash scenario, these signals are useless, we can drop more.... I'm just frustrated to the hilt ( maybe a turning point ) Although Put/Calls will likely hit a buy on my charts this is medium term, and I would say the bottom should be bought... I was hoping the bottom was yesterday, and we have a new force sell-off which will probably last a few more days. Once the 200-day MA breaks solidly on all indexes or Dow 10000 breaks lower we will head down fast....... I cannot tell you that the current support will hold or not. My guess is no at the moment, but I think it is a flip of a coin. Sentiment does not correlate with a bottom. There are not a lot of buyers in the market with all the gloom and doom talk... Barry