Selecto's Indicator gave a sell and so did momentum and most stochastics. Now we're still above the 21-day, but things are a bit iffy.
OTOH, breadth is still positive and I really didn't see much optimism on that rally. As such, I'm not sure there's enough fuel to take this market down too much more barring disaster. My gut tells me that this move is designed to get Bears to short and fight the trend. I could be wrong.
Mark
Plenty turned down
Started by
OEXCHAOS
, Jun 21 2012 06:42 PM
6 replies to this topic
#1
OEXCHAOS
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Mark S. Young
Posted 21 June 2012 - 06:42 PM
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#2
SemiBizz
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Volume Dynamics Specialist
Posted 21 June 2012 - 06:50 PM
Subtle Clues...
Closing Tick -661.00
Closing Trin +3.33
Edited by SemiBizz, 21 June 2012 - 06:51 PM.
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Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#3
CLK
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Posted 21 June 2012 - 07:47 PM
I had a sell yesterday but something didn't look right about it so I figured another doji, I was flat but the missed
opportunity this morning is disappointing. The uptrend is damaged now, going to take a lot more work and time to get
to new highs. Summation was positive today, I know it's slow but for a day like this I would think it would be down.
Should go back up after a little more selling.
#4
selecto
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Posted 21 June 2012 - 09:04 PM
I don't like "Selecto's indicator" as much as I have. 
As a rule-of-thumb, on a change from contraction to expansion
(and vice versa) of the Bollinger bands, price will move in the
direction of the 3 ema:
However, I have us deeply zoned on the 60's, but no actioable signal yet - which will likely print in the morning - maybe at the open, so an intraday trader might just get a counter mo long trade tomorrow after the opening dust settles.
PS: sorry, I see I built that on a TNA chart - same diff.
As a rule-of-thumb, on a change from contraction to expansion
(and vice versa) of the Bollinger bands, price will move in the
direction of the 3 ema:
However, I have us deeply zoned on the 60's, but no actioable signal yet - which will likely print in the morning - maybe at the open, so an intraday trader might just get a counter mo long trade tomorrow after the opening dust settles.
PS: sorry, I see I built that on a TNA chart - same diff.
Edited by selecto, 21 June 2012 - 09:12 PM.
#5
IYB
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Posted 21 June 2012 - 09:48 PM
Fwiw, the day in June 2010 that was "today's equivalent" had:
Closing Tick -456
Closing Trin 3.50
http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&st=2010-03-01&en=2010-07-01&i=p45962201791&a=219265881&r=4610.png
http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&yr=0&mn=5&dy=0&i=p92020892343&a=225433288&r=774.png
Closing Tick -456
Closing Trin 3.50
http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&st=2010-03-01&en=2010-07-01&i=p45962201791&a=219265881&r=4610.png
http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&yr=0&mn=5&dy=0&i=p92020892343&a=225433288&r=774.png
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” ― Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds
#6
antiphos
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Posted 22 June 2012 - 09:12 AM
We have a divergence on the Dow theory this morning - trannies down over 1% with the Dow up 68 as I type. Makes one suspicious.
#7
CRUISENAL
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Posted 22 June 2012 - 10:11 AM
Hi Don,
Did you take a look at June 2000 and compare to June 2010? Just curious of your thoughts on both time frames. Thanks, Alan
Did you take a look at June 2000 and compare to June 2010? Just curious of your thoughts on both time frames. Thanks, Alan
Fwiw, the day in June 2010 that was "today's equivalent" had:
Closing Tick -456
Closing Trin 3.50
http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&st=2010-03-01&en=2010-07-01&i=p45962201791&a=219265881&r=4610.png
http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&yr=0&mn=5&dy=0&i=p92020892343&a=225433288&r=774.png
