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VIX trapped between support and resistance
(see chart posted earlier today)
Now dropping from resistance.
Which one will win?
Thanks!
7.9 quake in Costa Rico Pacific Tsunami warning
There has been an increasing amount of earthquakes very recently.
The "black swan" may ride in on a tsunami.
Watching the dollar through UUP
Market drop above 22.34
http://stockcharts.com/h-sc/ui?s=UUP&p=30&yr=0&mn=1&dy=0&id=p59600910875&listNum=41&a=276366752
Selling by institutional investors is not increasing or decreasing. Rather, it is going sideways. This is an alert condition! This means institutions are on hold waiting for news coming out of Europe and from the Fed over this week and next. A major move either up or down will occur and will occur sharply and suddenly. I have been warning about this for months now. It could be good or very, very bad. People should have taken appropriate steps by now to protect investments, especially retirement accounts, like going to cash until the direction is clear.
http://www.stocktiming.com/Wednesday-DailyMarketUpdate.htm
Sure looks like a bull flag unless it breaks through the bottom below 1385.
Small thought here
It's been my belief that all was on hold waiting for Ben's speech. But I also wonder if there's something more. I'm wondering if the delay for the drop is because "da boyz" are waiting for the Republican convention to be over and the Democrat convention to begin to deliver a vote of no confidence in Obama by dropping the market severely during his convention. Small thought, but worth consideration. Interesting week ahead.
5 min rejected at resistance
looking for more down
http://stockcharts.com/h-sc/ui?s=$SPX&p=5&yr=0&mn=0&dy=10&id=p86182799326&a=275736734&listNum=41
I use SPXU
Also EDZ
This 10 minute chart works in all time frames from 1 min to daily and weekly. SPXU and EDZ on this chart as well as UPRO and EDC for up moves.
http://stockcharts.com/h-sc/ui?s=$SPX&p=10&yr=0&mn=1&dy=10&id=p93122034780&listNum=41&a=275783953
Off to see "Jonah" at Sight and Sound Lancaster, PA, in an hour.
There's a metaphor for the market in there somewhere I think.
Good trading to all.
Interesting. May not hold the bottom of the channel though.
Bounded off 1399 support, now hitting resistance.
I expect it to drop back down through support on its way to 1370.
Note the revealing TSI section.
http://stockcharts.com/h-sc/ui?s=$SPX&p=120&yr=0&mn=6&dy=0&id=p55325565507&a=275415923&listNum=41
Weekly starting to roll over
Sell signal below 1380.
http://stockcharts.com/h-sc/ui?s=$SPX&p=W&b=5&g=0&id=p90740254688&listNum=41&a=275458792
Looking for lower opening Fiday.
My 3 minute chart closed heading down.
http://stockcharts.com/h-sc/ui?s=$SPX&p=3&yr=0&mn=0&dy=10&id=p55238782071&a=274126060&listNum=41
Also,just listened to a long interview with weatherman Joe Bastardi known for his accuracy. He said if the hurricane entered the Florida Straits and the Gulf it would head for the panhandle and Alabama-Miss as a cat 3-5 hurricane. Otherwise, Miami as a cat 1. Possible major destruction from the panhandle to New Orleans if it enters the Gulf. That would help Tampa, assuming it stayed far enough off the coast. The storm will "decide" which fork to take during the day Sunday. Could add to market volatility.
I'm a longer term swing trader.
Here's a 15 min chart good for shorter trading I use when in the mood.
http://stockcharts.com/h-sc/ui?s=$SPX&p=15&yr=0&mn=0&dy=10&id=p58399321989&a=275112405&listNum=41
A break below 1308 will start nice decline
http://stockcharts.com/h-sc/ui?s=$SPX&p=120&yr=0&mn=2&dy=0&id=p34142980770&a=273944426&listNum=41
Issues Declining Chart- Note the TSI section
http://stockcharts.com/h-sc/ui?s=$NYDEC&p=120&b=5&g=0&id=p27426681192&listNum=41&a=274845621
Down gods require 83% sacrifice for major drop
Using the "Sell Zone" on the fibonacci arc tool
The SPX should enter the sell zone on Thursday.
See example on chart and how to use the tool (at least how I use it).
http://stockcharts.com/h-sc/ui?s=$SPX&p=120&yr=0&mn=2&dy=0&id=p19997266977&listNum=41&a=273944426
2 hour chart with new indicators
good buy and sell points for long and short
http://stockcharts.com/h-sc/ui?s=$SPX&p=120&yr=0&mn=2&dy=0&id=p19997266977&listNum=41&a=273944426
8 new indicators added to Stockcharts
http://blogs.stockcharts.com/whats_new/2012/08/eight-new-technical-indicators-added-to-stockchartscom.html#.UCGxnaC8jUI
Yes, A wave offering could be used to
attach the sins of ____________ (fill in the blank, Bernanke, et al, etc.) to and send out waving into the wilderness and redeem sanity to the market... by the book Old Testament procedure.
Looks like top at 1407
Outside bullish case 1427
Sell signal below 1394
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=2&dy=0&id=p93813189502&a=273755613&listNum=41
I’ll take a silver swan
announcing the death of the rally with her last breath.
The Silver Swan, Who Living Had No Note
The silver swan, who living had no note,
When death approach'd, unlock'd her silent throat;
Leaning her breast against the reedy shore,
Thus sung her first and last, and sung no more.
Farewell, all joys; O Death, come close mine eyes;
More geese than swans now live, more fools than wise.
Orlando Gibbons
Daily Targets: #1 1335; #2 1250
assuming it's down from here and we're not breaking through upside resistance.
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&b=3&g=0&id=p38610329417&listNum=41&a=273790977
UUP hitting bottom. Reversal will cause drop.
http://stockcharts.com/h-sc/ui?s=UUP&p=30&yr=0&mn=2&dy=0&id=p83399097579&listNum=41&a=273818480
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http://stockcharts.com/h-sc/ui?s=$SPX&p=30&yr=0&mn=2&dy=0&id=p80788880222&listNum=41&a=273791241
(actually, it's not too shabby)
Best guess
I think the weekly will prevail. Resistance in the 1390 area should repel back the advance to 1370, then 1360. A break of 1360 would then bring on 1330. A sell signal occurring on the weekly would bring on a very sharp drop.
Weekly:
http://stockcharts.com/h-sc/ui?s=$SPX&p=W&yr=2&mn=0&dy=0&id=p58684259788&listNum=41&a=273758241