sp'weekly1b
sp'60min2
Summary
Regardless of the closing hour - which frankly.. could see almost anything happen, its a third week for the equity bears.
Clearly, any bounces are to be shorted in the weeks and months ahead.
The sp'1600/1500s look a rather easy target.
From a pure technical perspective, by this April, the leading/headline indexes (sp'500, dow, nasdaq) will have the same MACD setup as Sept'2008.. and we remember how that month traded, right?
-
Say hello...
I'll keep DISQUS open for the 3pm post on my screen in the closing hour.. so.. if you want to say hello... please do !
yours.... not short... but neither getting his ass kicked on the long side.
I live to fight another day :)
-
3.04pm.. I can't remember who highlighted CBRL to me recently.....
Today its offering a rather powerful hyper-reversal candle. First upside target would be the 50dma in the $127s
-
Another sign of a 'natural floor'...
APA, daily
H/S formation has played out... a bounce to 40/42 zone would not be overly bold.
-
3.09pm
'hollow red' reversal candles appearing all over the place...
AAPL, daily
First target is the 102/105 zone.
-
3.12pm.. As things are, the hourly MACD cycle is set to turn positive early Tuesday, but who wants to seriously go long on such a trend, whilst price action remains broadly weak?
Today was day'12.. and typically... that is usually the max number of days in a short term down wave.
Arguing against that is that the VIX remains relatively subdued, and there is no sign of capitulation.
--
Market twitchy... sp -43pts @ 1878 VIX 27.90
-
3.27pm... We could still close as high as 1890.. as there might be a fair few short side traders who fear the PBOC doing something this weekend.
-
3.37pm... Increasingly looking like the market makers are striving to pin the market at sp'1885/90