3 replies to this topic

[redfoliage2]

The money Ben dropped yesterday is entering the market. So it's going up. NDX should close up about 1%.

Edited by redfoliage2, 02 November 2007 - 11:48 AM.

[denleo]

What I am interested in is how today's classic reversal will change IT indicators to bullish. Most likely they will not be bearish any more. Denleo

[ogm]

What I am interested in is how today's classic reversal will change IT indicators to bullish. Most likely they will not be bearish any more.

Denleo

Doubt that will happen. The market has to go ballistic here to do that.

The internals are improving, but price momentum is negative beyond one day repair.

Even on 60 min it still needs a lot of work.

Watch this fail into the close. Maybe not all the way to the lows, but this isn't a V bottom.

We're hitting strong resistance on DOW and SPX right now.

Edited by ogm, 02 November 2007 - 12:06 PM.

[ogm]

Market took a lof of technical damage in the past week or so. 2 9 to 1 downside days that are yet to be negated. Massive internal divergences that won't go away on a 1 day bounce. The price needs at least to climb back above 55 EMA, or better yet 33 EMA on SPX. And we're still struggling under 55 EMA that we broke yesterday. So far it is what it is... an oversold bounce that just hit falling 33 EMA on 15 min chart and stopped. And all this action is happening 2 days after the Fed second rate cut with financials hitting 52 week lows on the day of good economic news. Guilty untill proven innocent. 1523 is the next resistance on hourly, but on daily it must get above 1530 for more then a few minutes to even resemble anything bullish at this point. I remember during 2001 decline there was a rally that started at noon like clockwork. And lasted for 2-2.5 hours. And failed. Almost daily. And it could go very green, andmake everyone very excited. But the trend is the trend.

Edited by ogm, 02 November 2007 - 12:25 PM.