Today, I suspect we'll touch again on the SPX April close of 1385. We've been unable to penetrate this area very far and haven't closed under it. While volume is light today, by the end of the day we will probably have more volume than we did on Friday... best guess. So I'm looking for Friday's low of 1384.11 to hold. Now if it doesn't we could be in for a bit of a light volume ride deep... but only to set up a favorable risk/reward for a run back up to 1416 SPX .50R pivot...
So, I"m watching this 1384.11 with some interest, if it holds, I'll be putting on some SSO for the run to 1397-1401.
Caution... Holiday Volume Today So Far...
Started by
SemiBizz
, May 12 2008 09:12 AM
27 replies to this topic
#1
SemiBizz
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Volume Dynamics Specialist
Posted 12 May 2008 - 09:12 AM
Price and Volume Forensics Specialist
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
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
#2
bobalou
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Posted 12 May 2008 - 09:31 AM
some of the boys must be on vacition..no vol.
#3
SemiBizz
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Posted 12 May 2008 - 09:34 AM
Here's what is in play today... possible Gann Turn (2 year anniversary)
http://bigcharts.mar...&mocktick=1.gif
Now let's look at the present chart....
http://bigcharts.mar...&mocktick=1.gif
http://bigcharts.mar...&mocktick=1.gif
Now let's look at the present chart....
http://bigcharts.mar...&mocktick=1.gif
Price and Volume Forensics Specialist
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
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
#4
StillLearnin
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Posted 12 May 2008 - 09:40 AM
Looks like we may be bouncing here. I'd be cautious going long for too long. I think this rally will fail. Intraday sentiment extremely bullish ISEE over 200 and $CPCE .55 (opened below .50). Could we be forming right shoulder of a head and shoulders pattern with double head at 1421. If so 1405 should be as high as it goes and may be a good risk reward to short there....could ride it long to 1397....
#5
bobalou
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Posted 12 May 2008 - 09:42 AM
yen pulled back w/ the market ,still to the plus side,now some vol. came in, w/ the yen moving back up.
#6
bobalou
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Posted 12 May 2008 - 09:47 AM
over head supply now, hard going
#7
SemiBizz
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Posted 12 May 2008 - 09:50 AM
100.64 on USO was tested and held...
As long as that holds, we are in fib expansion territory...
113.XX is a long, long way from here (1.618 area)
Price and Volume Forensics Specialist
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
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
#8
bobalou
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Posted 12 May 2008 - 09:56 AM
bears are traped for now,,
#9
SemiBizz
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Posted 12 May 2008 - 10:01 AM
USO nearing day's high... strong volume so far, not blowout.
I see 4 more weeks of high oil prices and then down into the elections...
Price and Volume Forensics Specialist
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
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
#10
bobalou
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Posted 12 May 2008 - 10:06 AM
if we take out thurs high ,look to go to wed highs. ok so far.
