Actually, we had a stealth sign of weakness today as the SPX broke the previous high on 2/3 the volume. Now that's a red flag. We'll look closely at some historical charts tonight and see if we can nail the next pivot higher or if a retracement is necessary. I suspect the latter. For the moment 1524 is the support number. 1511 after that.
I"ll be looking for an Overt sign of weakness before I launch into any type of shorting activity....
If we had not gotten "Shanghaied" This morning
Started by
SemiBizz
, May 30 2007 10:26 AM
11 replies to this topic
#11
SemiBizz
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- Traders-Talk User
- 23,208 posts
Volume Dynamics Specialist
Posted 30 May 2007 - 06:50 PM
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
#12
Russ
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- Traders-Talk User
- 7,199 posts
Member
Posted 30 May 2007 - 07:56 PM
Actually, we had a stealth sign of weakness today as the SPX broke the previous high on 2/3 the volume. Now that's a red flag.
You likely noticed that the Volume last thursday was the first time since March that down volume exceeded up volume on SPX. This may be indicating that market bullish psychology is starting to shift.
Edited by Russ, 30 May 2007 - 07:57 PM.
"Nulla tenaci invia est via" - Latin for "For the tenacious, no road is impossible".
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
"In order to master the markets, you must first master yourself" ... JP Morgan
"Most people lose money because they cannot admit they are wrong"... Martin Armstrong
http://marketvisions.blogspot.com/
