19 replies to this topic

[beta]

SPX needs to stay red now to the close, or this could reverse....has been a bull bear battle at yest close area now retested for third time today

Key support level Im watching is SPY 146.3 (and how it gets there)

Edited by beta, 31 July 2007 - 01:35 PM.

[eminimee]

What weight if any do you give to gaps. I said last week that gap at 145.32-.82 looks to be filled and it did on Friday. In fact, there was an opportunity to buy SPY on the close because it was some 1 point below what SPX closed at (i.e. 1458 spx vs. 145 for spy) spy opened about a point higher to be inline with SPX on Monday. Anyone who saw this on Friday could have nabbed quick point on SPY.

But, I noticed there is still one more gap at 142.46-.91. Does this mean anything in the count or are these secondaries. I know gaps can take years to fill but they do fill and when they are on a mission like I think they are in this correction, it seems they will fill it.

Thanks

that gap has a chance at getting filled if oex hits my target of 672

[hiker]

declining tops t/l drawn off the 7/24 daily candle high terminates nearby to new intraday low today...could it be this simple, or will that t/l be relevant since it also intersects the support level near 1462 data point?

[beta]

SPX needs to stay red now to the close, or this could reverse....has been a bull bear battle at yest close area now retested for third time today

Key support level Im watching is SPY 146.3 (and how it gets there)

Long SPX cash 1466, stop LOD. Support held so far, if it fails next stop 1455.

[arbman]

The last hour is very critical today...

[arbman]

I feel like an idiot but I am still bullish I just think that the two 90% down days put a pretty solid support below here and SPX is making an inverted H&S. The downside volume is not convincing, the supports are still holding. It couldn't even test the 200 dma, so I am thinking it should go up for the ST. Despite the higher low for the day, the equity P/C is very bullish, OEX guys are also net long and encouraging, we'll see...

[rkd80]

I feel like an idiot but I am still bullish

I just think that the two 90% down days put a pretty solid support below here and SPX is making an inverted H&S. The downside volume is not convincing, the supports are still holding. It couldn't even test the 200 dma, so I am thinking it should go up for the ST. Despite the higher low for the day, the equity P/C is very bullish, OEX guys are also net long and encouraging, we'll see...

kisa,

bullish too here, the number of nyse lows and the volume of a/d is extremely convincing in forming either a ST bottom or IT bottom. Since our market is too extended to make a IT bottom, a retest in a few weeks is all too possible.

Today's sell-off confirms the bottoming theory, not the other way around. We are above yesterday's lows and that is important.

[OEXCHAOS]

Nice...

[Rich]

I feel like an idiot but I am still bullish

You are certainly not an idiot, but I think you are wrong.

Rich

[arbman]

I feel like an idiot but I am still bullish

You are certainly not an idiot, but I think you are wrong.

Thanks, it does help.

I did watch the whole thing unfold looking for a spot to get in long the whole day, I should've focused on selling short probably. It is a bias issue after the kind of sell off happened, I just don't see how it can reaccelerate lower or crash, perhaps it will. I thought it put a bottom today until I saw the carnage in banking continue in the AHs...