Tonight's bearish extreme

Thanks to Arbman for alerting me to tonight's extreme bearish Sentimentrader reading.
Early March 2005 had made new highs and then began to sell off.
You can see some similarities and some differences during this rally and sell-off including the approaching 55 weekly ma.
I present for your consideration:

This live chart is at (or very near) the extreme top on May 20,2010.





Daily Chart:
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&st=2005-03-01&en=2005-06-01&i=p74007508823&a=200770814&r=3396.png
WEEKLY:
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&st=2003-01-02&en=(today)&i=p66753892843&a=58427056&r=5154.png

Edited by Rogerdodger, 20 May 2010 - 10:51 PM.

TRIN closed at 3.75; CPCE 0.96; VIX 45.79 .............
http://stockcharts.com/h-sc/ui?s=$SPX...id=p20422834854

I can't find too many other extremes like tonight's. However we did see one on the close October 9, 2008. (Corrected) The next day had a big 75~ point range and closed down but nearly unchanged. The following Monday closed up about 80 points. The choppy market that followed re-tested the lows 2 weeks later and chopped in that range the rest of 2008. It's the longest negative MACD candle on the weekly chart above. FWIW...

Edited by Rogerdodger, 20 May 2010 - 10:48 PM.

oct 8, 2008 isn't how you describe it...

oct 8, 2008 isn't how you describe it...

Thanks!
It was that week but the extreme reading may have been the 9th and the bottom on the 10th.
It gets confusing because back then Sentimentrader listed the next day's date at the close.
Here's the chart.
Note that AAII's bullish ratio was 34, last night's was 55!

Edited by Rogerdodger, 20 May 2010 - 10:49 PM.

Thanks for the data RD.....

...added to which:

[attachment=16576:83a.png]

Highest one day PCR in 3 years, highest 10 DMA since Nov 2008. Highest TRIN since Ike was in office. Should start putting in a bottom over coming hours/days/weeks.

----------------

But on another level, today's market did a whole lot of damage to the Primary Bull Market with new yearly lows in DJTA, DJ World Index, and bunches more. But that's a whole nother story.... I like Terry's scenario.

Edited by IYB, 20 May 2010 - 10:52 PM.

Should start putting in a bottom over coming hours/days/weeks.

I can't find too many other extremes like tonight's.
However we did see one on the close October 9, 2008. (Corrected)
The next day had a big 75~ point range and closed down but nearly unchanged.
The following Monday closed up about 80 points.
The choppy market that followed re-tested the lows 2 weeks later and chopped in that range the rest of 2008.
It's the longest negative MACD candle on the weekly chart above.
FWIW...

Yes- that's what I meant. Kinda like that....

The week of that October bottom, the TRIN had a 3.06 on Tuesday the 7th. LINK
On Friday the 10th, at the bottom, TRIN spiked to 7.2 but closed at .93.

We had a 2.49 this past Tuesday and a TRIN closing today at 3.76!!!

AAII is much more bullish this week than it was then.

How about a spike down tomorrow past the weekly 55ma and then a reversal to the green, then some selling at the end?
Who would want to be long over the weekend with Greece and Bangkok on fire?

Edited by Rogerdodger, 20 May 2010 - 11:11 PM.

All you needed on October 10th,2008 was right here

October 9 & 10 Gann Turn

Should start putting in a bottom over coming hours/days/weeks.

I can't find too many other extremes like tonight's.
However we did see one on the close October 9, 2008. (Corrected)
The next day had a big 75~ point range and closed down but nearly unchanged.
The following Monday closed up about 80 points.
The choppy market that followed re-tested the lows 2 weeks later and chopped in that range the rest of 2008.
It's the longest negative MACD candle on the weekly chart above.
FWIW...

Yes- that's what I meant. Kinda like that....

Give me about an hour before responding to my posts.
It takes me that long to keep editing out incorrect spellin, gramma and datez!

Edited by Rogerdodger, 20 May 2010 - 11:13 PM.