4 replies to this topic

[tommyt]

we need a good flush to clean out some more hands, and set up for a better rally...I thought we had a shot on this mornings open and it didn't happen...now its mushing around...ST offers rally potential, but more time or flush is probably needed...I also thought if today was really bad, Helicopter Ben may step in and ease...stay tuned. Any thoughts on where we are wave wise?

[hiker]

Hi Tom,

one thing of interest is not one weekly close below the 50week ema is visible during the period shown...

and price now is below the 50week ema...

and price is below (for now) the 9250 horizontal that confirmed the bull market during its 2007 advance

[arbman]

With already more than 500 new lows accorting to stockcharts and 400 according to marketvolume, one more flush would significantly break this market down, it'd break it down such that a new down trend would be initiated for a few weeks like the July 25th, that would be quite crashy, me thinks. In that respect, the market should hold these lows, if any institutional support left to buy this 10% correction for now...

[hiker]

FWIW...last night's closing basis comment about the NYA weekly:

the value of the weekly ULT indicator (34.44) for NYA is the lowest since late 2004. bottom spotter?


delayed NYA daily...260day ema is useful in futures trading and on the averages

Edited by hiker, 15 August 2007 - 12:38 PM.

[hiker]

SPX daily with same setting as above, and intraday high so far is marked...1442-1444 is R above..retrace for this week's decline is at 1448