Replies to post #166 on CJ's Picks and Trading Room

[phrantic]

6-Month Daily SMBL:

Pattern: Failed Cup & Handle
Near Term Resistance: $5/$5.10
Near Term Support: $4.68
Measured Move: $3.62 (from late July)
Measured Move: $3.48 (from mid May)
Overall: Bearish

Volume/price as a core indicator demonstrates no "market" support for price as seen in declining volume as price expands (orange); today is telling in that volume generously exceeds prior days' volume and price closed down; StochRSI shows growing negative sentiment; CMF demonstrates growing sell pressure; 5MA has developed a fairly sharp-angled downward arc delineating downward pressure; short-term descending resistance (purple) displays a much stronger angle than the ascending trendline (green)which also denotes bearish movement; ADX/DI display -DI over +DI (bearish) with ADX resting at 10.21 suggesting a strong move possibly coming; watch for angle changes on all 3.

Frankly, the market being what it is, I feel fundamentals will have little to no influence on direction. Bear markets generally have a 3-leg down pattern (S&P) and the market appears to be in leg 1 presently, so any long position should be hedged heavily with puts IMO.