Oh No... they broke back through the downtrend line

...

SPY & DIA landed just above the broken downtrend line today... back kiss???... maybe... but if tomorrows close breaks down... the whole thing could be an engineered BULL TRAP... ... the QQQ's have about 1.7 points down to test this line... and if the dow and spx cant hold that line... u betcha the qqq's are headed down the same path... w/ alot further to drop (if thats the case) making the QQQ's the most risk adverse short right now...

http://stockcharts.c...4803&r=1205.png

http://stockcharts.c...4783&r=1093.png

i see your point but if we head up from here, we will all be calling it a successful retest of course it shows that there is a higher probablity of a fast move down

i see your point but if we head up from here, we will all be calling it a successful retest

of course it shows that there is a higher probablity of a fast move down

very true... and then we could say wednesday and tuesday were (eventually) also successful retests...

It's a buy not a sell.... The retest is preliminary successful. This is based on the signal ( not mine ) that if QQQQ is down over 2% the percentage of declines on NASDAQ should be greater than 65%. Today was at 60%, so we reverse. Regardless, this is a new signal I have been using, so it looks positive for a rally tomorrow. Barry

SS Uptrend intact. I'll be buying on weakness tomorrow. D

i see... thats the mixed signal between price action vs. internals... so... IYB... would you still be buying weakness if we break the downtrend line from above...

To clarify from yesterday....yes, so long as momemtum trend remains intact per SS. It did, and I am. Fwiw. D

Not broken yet. Actually good juncture for probe long. Prices stopped at movers too.

J

http://stockcharts.com/c-sc/sc?s=$INDU&p=D&yr=0&mn=6&dy=0&i=p98763365215&a=108723539&r=5450.png
http://stockcharts.com/c-sc/sc?s=$COMPQ&p=D&yr=0&mn=6&dy=0&i=p35636018160&a=102827437&r=1661.png
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=6&dy=0&i=p61570305103&a=108723146&r=3672.png
http://stockcharts.com/c-sc/sc?s=$NDX&p=D&yr=0&mn=6&dy=0&i=p45838799569&a=108723595&r=7103.png
http://stockcharts.com/c-sc/sc?s=$RUT&p=D&yr=0&mn=6&dy=0&i=p63125560988&a=108723670&r=6223.png

take a closer look... maybe w/out the line chart... maybe try OHLC or candles... daily downtrend line on both broken... and then look at yesterdays break of the uptrend from i believe 3/17 lows... look at the hourly or less for that... as for the RUT and the NAZ... they got a little catching up to do... as for the qqq's... they at least want to go see 43.50ish and probably from there on down to 1/22 low... we shall see...

take a closer look... maybe w/out the line chart... maybe try OHLC or candles... daily downtrend line on both broken... and then look at yesterdays break of the uptrend from i believe 3/17 lows... look at the hourly or less for that... as for the RUT and the NAZ... they got a little catching up to do... as for the qqq's... they at least want to go see 43.50ish and probably from there on down to 1/22 low... we shall see...

I stare at candles all day long. Sometimes the devil is in the details, like closing prices. All I'm saying is this is a good spot to go either way. The Rut chart is OHLC

jk

J

...the devil is in the details

funny cause you're the second person that's said that to me today... i was working through a contract w/ counsel who picked something out i'd have never seen... he didn't say anything bout closing prices though...

...the devil is in the details

funny cause you're the second person that's said that to me today... i was working through a contract w/ counsel who picked something out i'd have never seen... he didn't say anything bout closing prices though...

I hate going through contracts. It took me a week to comb through the lease agreement for my current office and another 3 weeks to negotiate all the additions and omissions for a 5 year commitment after renovation.

J

off to a meeting