9 replies to this topic

[eminimee]

on SPX......good chance we could close red...or at least close to it..take out the highs...and the lows are in...imvhaltbo.

[hawkeyefan]

on SPX......good chance we could close red...or at least close to it..take out the highs...and the lows are in...imvhaltbo.

I gather you base this on the fact we may completed an abc off the low of yesterday on the spx.

[hiker]

hard to tell looking at the intraday action here..still could go either way...have to be neutral in fairness with the current action until it shows its hand what I like the least and makes me lean bearish..only swing trade entries today have been shorts....is the XLF close yest at the close of the reversal candle ...coupled with limited upside move today, and the 60min XLF has moved to a confirmed sell again..not seen since Aug 16th...a more neutral price for XLF would be above 33.80's Symbol /Pct from Yr High/ Trade /Change /Volume/ Avg Vol (3m) - - - - - FXI Down 5.20% 146.38 Up 5.68 Up 4.04% 2,230,600 3,327,280 - - - - - OIH Down 8.84% 174.19 Up 3.69 Up 2.16% 2,994,400 9,814,210 - - - - - RTH Down 21.97% 98.90 Up 1.59 Up 1.63% 1,631,900 4,479,960 - - - - - SMH Down 10.72% 36.97 Up 0.69 Up 1.90% 3,305,200 13,262,400 - - - - - TTH Down 5.59% 39.36 Up 0.58 Up 1.50% 85,500 244,368 - - - - - USO Down 14.96% 55.22 Up 1.19 Up 2.20% 1,256,300 2,817,330 - - - - - XHB Down 40.54% 23.79 Up 0.32 Up 1.36% 1,189,700 4,367,080 - - - - - XLB Down 11.47% 38.31 Up 0.16 Up 0.42% 2,770,800 7,681,820 - - - - - XLE Down 8.79% 68.18 Up 1.43 Up 2.14% 5,186,800 24,091,400 - - - - - XLF Down 12.92% 33.22 Up 0.10 Up 0.30% 18,608,600 58,995,300 - - - - - XLI Down 7.19% 38.62 Up 0.45 Up 1.18% 1,101,800 5,542,000 - - - - - XLU Down 11.12% 38.36 Up 0.36 Up 0.95% 1,709,400 10,721,000 - - - - - XLY Down 11.35% 36.09 Up 0.43 Up 1.21% 460,000 3,434,630

Edited by hiker, 29 August 2007 - 11:55 AM.

[mdwllc]

on SPX......good chance we could close red...or at least close to it..take out the highs...and the lows are in...imvhaltbo.

TP: That's the way I'm playing it with my short position. I have a downside target of 1432-1433 for today. Not sure if I will close out or not at this time...Best MDW

[eminimee]

Hawkeye...yes...unless the highs are taken out
http://stockcharts.com/c-sc/sc?s=$SPX...6262&r=1187

[hiker]

Tea..if you have time to answer: have you tossed the chart idea you presented last week for SPX with b = 1415

Edited by hiker, 29 August 2007 - 12:21 PM.

[eminimee]

Hiker..yes....someone came up with a count to show me how we got a 5 wave C wave of an expanded flat....B wave being the top at 1556. So I now think the bottom is in.....and after completeing this 2nd wave pull back...we should take off pretty quick on our way to new highs. That's the way I feel at the moment anyways...lol

[hiker]

thanks, Tea.

[eminimee]

"and after completeing this 2nd wave pull back" ..thats if we need another low...2 may have bottomed yesterday...TWT take out 44 (ES) south ...the slide should start in earnest.

[hiker]

makes sense, Tea. not addressing the overall idea, or arguing...am just taking note that SPY and XLF 60minute charts intraday today are not looking great...XLF is in a clear downtrend and may retest today's low that is below yest low the two-day SPY support t/l off yest. low on the 60min candles is nearby....perhaps continued weakness, if any, in XLF and XBD may not be enough alone to cause SPX to breakdown today or tomorrow

Edited by hiker, 29 August 2007 - 12:55 PM.