11 replies to this topic

[ogm]

Across the board summations are accelerating down after making monstrous negative divergences compared to previous peaks.

The market continues to fall apart despite silly bounces on 15 min charts and defiant GOOG.

[arbman]

Yes it is looking terrible. If it turns around and rallies, it will be another narrow rally.

[ogm]

Yes it is looking terrible. If it turns around and rallies, it will be another narrow rally.

I'd be shocked if it turns around and rallies for longer then a few hours
The key word here is ACCELERATING.
Both price and internals continue BUILDING strong DOWNSIDE MOMENTUM.
Momentum isn't slowing down. Its increasing.

Its only a matter of time untill the errosion reaches the strong stocks that are still supporting some indexes.
But quite a few indexes already starting to succumb to the momentum. like RUT for example.

Edited by ogm, 05 November 2007 - 10:09 PM.

[da_cheif]

looking terrible.........well that certainly isnt what it looks like at a top.........-g-

[ogm]

looking terrible.........well that certainly isnt what it looks like at a top.........-g-

da_cheif, I think your day will come again. But first its going to get pretty bumpy for a few month.

The market advance has lost momentum. As measured by just about anything.

This is a divergenct high.

There is only so much the few strong stocks like GOOG can do, when everything else is entering downtrends on weekly/monthly charts.

Edited by ogm, 05 November 2007 - 10:17 PM.

[dcengr]

You two are in different time frames. Da Chief thinks the 2002 low was just a pimple on an elephants @ss. You on the other hand are talking hours. I'm not sure if Da Chief will be alive to cash in his big contract from 1080 or whatever it was, to whenever he thinks the bear market will come (probably never), but if we didn't have him constantly reminding us when WWW occurred, I wouldn't know what day of the month it was.

[nimblebear]

Goog is defiant ain't it ? Internet bubble part 2.

[arbman]

For ST, the chart might look like it is still deteriorating, but any bullish turn will be making a divergent bottom for the IT...

[Echo]

OGM,



NY breadth McClellan summation is at +64 and the zero level should generate a reaction from the bulls to defend it and we are there.

Nasdaq breadth summation is at around -250 and the volume summation around +500 and both these areas generally provide support.

Add to that the potential bullish diverg the mco's are showing and the trendline mco support shown below and we have the odds of a bit of a rally, if only to snapback to zero line on the mco's.

Echo

http://stockcharts.com/c-sc/sc?s=$NYMO&p=D&yr=1&mn=0&dy=0&i=p14511066555&a=121578347&r=5442.png

[da_cheif]

looking terrible.........well that certainly isnt what it looks like at a top.........-g-

da_cheif, I think your day will come again. But first its going to get pretty bumpy for a few month.

The market advance has lost momentum. As measured by just about anything.

This is a divergenct high.

There is only so much the few strong stocks like GOOG can do, when everything else is entering downtrends on weekly/monthly charts.

every day i wake up my day has come again.....if you havent noticed.....the dows 12 hour rsi bottomed 11 trading hours ago.....
and vlnc made a new 52 week high yesterday......i love making money......."when everthing else is entering downtrends<????........everything.....??? gold silver crude canada buck 10year 30year amex nyse weekly ad line xau nazdaq naz100
while everyone else is a prechter clone........

Edited by da_cheif, 06 November 2007 - 08:19 AM.