ST and IT Market Signal Updates

RF2 ST signal remains SELL RF2 IT signal turned from BUY to Neutral Based on the data at the close yesterday. Watch the support at ES 950 first.

Edited by redfoliage2, 05 November 2008 - 03:58 AM.

wow, red: you are looking for quite a dump ... 950 "first".

wow, red: you are looking for quite a dump ... 950 "first".

Look at ES or SPX daily charts the recent pre-election push-up just formed a bearish up-slope flag which is a continuation pattern of the main down trend. ES 950 is the LTL for that flag. If it's broken, SPX will be back to 800s, i.e. back to the reality of the super bear market. It may take a few days to know if it could hold or not and I think it will not. Today will be volatile and I'd sell into bounces using 5 min chart.

Edited by redfoliage2, 05 November 2008 - 07:21 AM.

They started a little under cover selling over the past couple days in the retail and apparel groups. Could be some buys coming up there but these rotational selling waves go further than anyone can stand and get contageous.

Could be the mother of W5's to mid Dec, but first Nov 14 week low. They announced Christmas season intentions in the retail this week. ADX looks like you get a good -DI divergence with the next price low.

rf2 Thanks for the update. Best to you.

rf2

Thanks for the update.

Best to you.

JG: Thanks and Best to you too. let's see how ES 950 is to hold or not in the next few days. We could get a 0.618 retracement for the recent 20% rise from the low.

Edited by redfoliage2, 05 November 2008 - 03:14 PM.

wow, red: you are looking for quite a dump ... 950 "first".

Look at ES or SPX daily charts the recent pre-election push-up just formed a bearish up-slope flag which is a continuation pattern of the main down trend. ES 950 is the LTL for that flag. If it's broken, SPX will be back to 800s, i.e. back to the reality of the super bear market. It may take a few days to know if it could hold or not and I think it will not. Today will be volatile and I'd sell into bounces using 5 min chart.

So far it's on schedule......

rf2

Thanks for the update.

Best to you.

JG: Thanks and Best to you too. let's see how ES 950 is to hold or not in the next few days. We could get a 0.618 retracement for the recent 20% rise from the low.

rf2
Another great call on your part. Today the 950 level held by the hair of its chinny chin chin. Tomorrow maybe we get a dead cat bounce and then down again. Watching that 0.618 fib retrace number. Meantime today I booked some profits on my SDS position.

As an aside I think we could see gold fall soon, perhaps starting in earnest yet this week. I have a small position in DZZ. Will see. Again thanks for your posts.

Best to you.