The daily stochastics are pointing to perhaps a Tuesday low in the stock market. We may have yet a repeat of last OPEX if things fall tomorrow hard. Today must hold for the bearish pattern to lower prices below the 1370's into the lower 1360's to occur. If 1361 holds, we see 1435 on the rally next week. If 1425 is the target, then we see a move into the 1350's.
There are some who are calling for a Tuesday low. Jim Curry is looking for Monday +/- one day for the low. My Gann 16 last ran 20 days and can do it again.
I believe the GDX is topping here and will fall into Tuesday making a secondary low.
Current Action Continues to Be Bearish
Started by
blustar
, May 08 2008 12:08 PM
19 replies to this topic
#1
blustar
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blustar
#2
ogm
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Posted 08 May 2008 - 12:11 PM
Agree. Daily/60 min charts gave a major crack yesterday. Today's bounce looks wimpy at best.
3 points on SPX after 25 point drop is nothing to write home about.
MCO is fading too. Summations approaching major resistance, it will take a lot to get this market through it.
#3
blustar
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blustar
Posted 08 May 2008 - 12:12 PM
Current OEX P/C Ratio vs the SPX P/C Ratio is inverted. 1.51 vs. 1.35. This a major sell signal. The OEX players tend to be right, whilst the SPX players tend toward being a fade.
#4
NAV
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Posted 08 May 2008 - 12:36 PM
The daily stochastics are pointing to perhaps a Tuesday low in the stock market. We may have yet a repeat of last OPEX if things fall tomorrow hard. Today must hold for the bearish pattern to lower prices below the 1370's into the lower 1360's to occur. If 1361 holds, we see 1435 on the rally next week. If 1425 is the target, then we see a move into the 1350's.
There are some who are calling for a Tuesday low. Jim Curry is looking for Monday +/- one day for the low. My Gann 16 last ran 20 days and can do it again.
I believe the GDX is topping here and will fall into Tuesday making a secondary low.
Cover and run.
Edited by NAV, 08 May 2008 - 12:38 PM.
#5
eminimee
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I don't care who's fur is flying...
#6
ogm
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Posted 08 May 2008 - 01:17 PM
If it looks like a flag, and feels like a flag ....
#7
blustar
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blustar
Posted 08 May 2008 - 01:20 PM
It even smells like a flag!If it looks like a flag, and feels like a flag ....
I'm thinking we tag 1368/69 tomorrow late and into the 1360/61 area by Tuesday.
#8
IndexTrader
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Posted 08 May 2008 - 01:21 PM
I agree, we should see new swing lows later today or tomorrow.
IT
#9
eminimee
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I don't care who's fur is flying...
Posted 08 May 2008 - 01:22 PM
here's another
http://stockcharts.com/c-sc/sc?s=$NDX&p=15&yr=0&mn=0&dy=21&i=p58270651494&a=89413079&r=9002.png
http://stockcharts.com/c-sc/sc?s=$NDX&p=15&yr=0&mn=0&dy=21&i=p58270651494&a=89413079&r=9002.png
#10
bln
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Posted 08 May 2008 - 01:32 PM
We are at critical junkture for the markets, one of my core models is so so close to flashing a Intermediate Term sell here, we'll see at todays sessions close.
