4 replies to this topic

[gannman]

to me it looks like its doing an abc off of the 4 29 top

 

we will see might not be could be an impulse wave

 

if it is corrective the 50 dma should be support 

 

we will see

 

 

[Darris]

SOX and RUT showing a tiny bit of positive relative performance here at 2:45pm EST.  RUT a lot more, SOX some.

[gannman]

darris i would love to see the sox hit its 50dma and rally strongly

 

then we are in good shape.  if it goes thru it and stays down big 

 

trouble for the markets imo

[Darris]

The SOX and most other indexes have about 22 days of negative off sets dropping off starting tomorrow to turn the 50 day simple MAs up.  Otherwise, we need another waterfall decline to start or continue depending on how you view it.  On a side note, in March, the type of selling we was today with the TICK and Breadth we would have easily started the day down 4-5% and ended worse.  Sell in May and go away selling is being absorbed.  Oil scare on April 20th, and end of month 1st of month selling (Apr 30th/May1st) were the last two back to back hard sell days and they both bounced right away, so looking for that again tomorrow.  The ES high this year was 3397.75 and low 2174, so 50% is 2786, and that was today's low, LOL

[gannman]

nice thanks