some interesting market history in August August 25th, 1987: the exact top prior to the crash August 23rd, 1988: low has never been returned to August 24th, 1995: low has never been returned to August 19th, 1998: top preceding 18% plunge in 2 weeks August 31st, 1998: important bottom August 25th, 1999: all-time high, then 14% plunge August 31st, 2000: 2 days before all-time high on NYCI August 24th, 2001: end of rally-down 22% in under a month August 22nd, 2002: exact rally top-down 21% in under a month
FWIW, if you noticed the ES ran smack dab into resistance at the highest daily close of 1009.50. The clerk error rumor was a convenient way of discounting the selling pressure off the highs. First time in about 2 weeks that I have felt sellers return to the markets short term...
It is amazing the color that fills in the black and white of charts. Vulture your point is so well made. I have seen bogus prints time and time again occur on daily charts that would lead one to believe that a price traded down to the ma and rebounded, etc etc. I mean time and time again. This to me is just like the X's and O's on a football play. The chart says this is what should happen.... as does the play. But you don't know that it will happen because Brett Favre makes a tremndous escape from a pursuing lineman to get the ball off, and it is caught one-handed by the receiver on his toes at the back of the end zone. But if you look at the airlines, they were tradng below the major moving averages weeks before 9/11. So you were expecting lower prices. Who knew?
is seeing market participants sell into the news, and as Andy Bryant of Intel stated in this morning's conference call, we have no idea whether the strength we are seeing can be a "sustainable trend". Banks getting sold too. Not a good sign for the market's health. Check out the BKX Chart.
That 9500 is where there is definite OVERHEAD SUPPLY. Sees Intel News as a "short-term" blowoff for the SOX group and sees any pull-back as just a pull-back. Also very disappointed with the BKX Index. The best leadership is when the techs and financials are leading, and it looks as though the techs have done about as much as they can do, for now. Short-Term, he looks for a decline.