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simplegreen

07/27/08 3:18 PM

#32760 RE: **D*A** #32759

Yep I do da..,notice on July 9 $VIX started to rise and DOW started to drop...On about the 15th $VIX started to drop and DOW started to rise....on the 23rd $VIX started rising and DOW had a spinning top and began to fall....last friday we had another incecision candle on DOW but the VIX is clearly trying to rise more...that little clear candle on your chart is a Marubozu and there is no indecision in a clear Marubozu candle...its start at bottom of candle and no looking back.Yes I know its a short candle but the psychology is clearly shown...also just look at the strength in the STI(2,5) overlay!...bottom line is if oil holds support at the bottom of the Ichimoku Cloud as I am guessing it will...then DOW may continue its downtrend..its sitting now on the Cloud conversion line for support and that MUST hold.There is serious cloud resistance 26 days in the future but it still has a chance to blow across the thin spot at this time...if it does that then the DOW has a solid chance later on to hold 12,000 for support...Dang...da.., that was a mouthful(LOL)!


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simplegreen

07/27/08 3:29 PM

#32761 RE: **D*A** #32759

da.., I just took a look at the cloud daily on $VIX and it found support at top of cloud(bullish)...if present things go as I suspect the VIX is without resistance to about 26