short covering into resistance and then all hell breaks loose. bears with balls will do well,even down here.bulls/astute traders can play over sold bounces but thats it, Cisco acting like everything is fine,yeah sure. play the tape and then go home for the day.
"bulls really took it on the chin today" Metaphorically speaking I'd say that bulls took a massive tube steak up their rump roast sans lube, reach around or even a kiss.
Did anyone have 1264.29 as an SPX target today? It happened to be a 61.8% fibonacci of the most recent run up from Monday's low (1247.44) up to the 1291.67 high of yesterday. Also interesting to note, the first leg down off of the 1291.67 high into this morning's opening low was 18.61 points. Subtract 18.61 from today's lunch time session high of 1282.89 in order to project a "measured-move" downside target and you get 1264.28 Got within .01 of today's actual low of 1264.29
Landis is a friggin genious. i'd love to bust his balls but i can't come up with any ammo. good post landis.
Thanks Hood! As a former floor trader, it's almost second nature always looking for these "measured-moves" and retracements. Looks like the market found some support at that .618 fib level yesterday.
Ummmm, no. I'm not here to prove anything with my Ego to idiots like yourself. I do this kind of technical work "routinely" because I am a former floor trader that believes in retracements and measured-moves. Every now and then I share my methodology with people here on ET, but since there are just a few posters here that have any kind of background in TA ( let alone would understand it ) I don't feel a need to post everything that I do. If you are unable to appreciate that, I'm not surprised. Aren't you the guy that posted "fake" photo-shopped screen shots of a phoney ES position? I believe so.