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SPX

Started by selecto , Jul 21 2012 09:55 AM

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15 replies to this topic

#1 selecto

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Posted 21 July 2012 - 09:55 AM

If you don't think it will be differend this time you can target the 1330's.
Then if you like this pattern for an ascending wedge, the 1330's would pretty
much be confirmation of a breakout, which would target the beginning of
the whole affair at 1266.

The chart also shows the BB rule of thumb that when the bands move from
expansion to contraction (and vice versa) price can be expected to move in
the direction of the nearby mo.

:unsure:

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=2&dy=0&i=p75214212139&a=272504702&r=1342882110420.png

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#2 selecto

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Posted 21 July 2012 - 10:10 AM

Edit: Technically the breakout confirmation would be a close below the previous reaction low within the formation.

Edited by selecto, 21 July 2012 - 10:11 AM.

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#3 Rogerdodger

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Posted 21 July 2012 - 10:22 AM

Nice.

And Thank You for sharing.

"Nature's Failure to Function in a 'Predictable Way'... 500 years ago?"
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.

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#4 zoropb

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Posted 21 July 2012 - 11:20 AM

Spot on Mike. I agree the do or die spot. The AAII data is about 3 to 1 in favor of the long side resolution but one day at a time. my 2 warnings to members yesterday... ZoropbJuly 19, 2012 12:27 PM guys do not even mess with the long side except for maybe scalps up here we are getting dangerously close to major highs. ZoropbJuly 19, 2012 12:54 PM DO not forget traders no matter what happens up here the reference print is waiting for you to kick your butt if your long. 1359.50 is a magnet.

Love, be kind to one another, seek the truth, walk the narrow path between the ying and the yang.

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#5 IYB

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Posted 21 July 2012 - 11:52 AM

Very nice call Thursday, Mike.

Thanks for the excellent follow up.....

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

P.S.... I'm from Missouri when it comes to market turns, but the market "showed me" on Friday. Got ST sell signal, and IT sell signal may not be far behind....

http://stockcharts.com/c-sc/sc?s=$NAMO&p=D&yr=0&mn=4&dy=0&i=p02219642866&a=270840184&r=756.png

Edited by IYB, 21 July 2012 - 11:57 AM.

“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

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#6 selecto

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Posted 21 July 2012 - 11:54 AM

Not a call, just bearish musings, Z; lots of things to happen. Meanwhile, the important stuff: We get some price advance Monday, dontcha think?

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#7 zoropb

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Posted 21 July 2012 - 12:08 PM

Not a call, just bearish musings, Z; lots of things to happen.

Meanwhile, the important stuff: We get some price advance Monday,
dontcha think?

Any bounce gets sold into.

Love, be kind to one another, seek the truth, walk the narrow path between the ying and the yang.

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#8 qqqqtrdr

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Posted 21 July 2012 - 02:17 PM

It looks like AAII and Nasdaq volume / NYSE volume is eluding to an upside in the short term, even though NYMO is showing weakness.... Barry

NASDAQ Volume/ NYSE Volume

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#9 sluzbenik1

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Posted 21 July 2012 - 03:46 PM

It's too obvious. Seldom do two such nicely symmetrical wave structures give rise to a third wave of the exact same proportions. I am amazed we dropped right on schedule though... I think it quite possible a lot of people are going to get short here and we'll end up blasting higher that will suck a of bulls in and keep shorts from making any money. Spain is looking like crap again - all Merkel has to do here is say something nice and you will get a huge rally in Spanish bonds again, an accompanying advance in the Euro and a 2% up day on the S&P from short covering. From what I see, hedges are rife, sentiment is bearish, and earnings are better than expected. How are these conditions as setup for 1266? We will drop once earnings season is over and thoughts about next quarter start to worry people, no earlier.