Double bottom on the $SPX with a HAMMER at the end

Discussion in 'Trading' started by Port1385, Jul 1, 2008.

  1. Its time for another double bottom post. This is the most perfect double bottom ever with a hammer at the end and volume coming in to the upside. First comes volume, then comes price.

    Time for a reversal. Im aiming my bat for the bleachers. S&P500 1550 or higher by year end. Its that time!!!

  2. Wishful thinking - i've experinced these before and this does not have that feeling, yet.

    See Oct '98.

    This leg can go lower. RIMM has faltered, SQM peaked. Watch for energy and commodity (leading) stocks to now break-up.

    Then comes the panic, then the volume - with confirmation!

    Not there yet. Not that we may run up again like Mar '08 to late May. But this thing has to crack otherwise it is just wishful thinking and not a healthy climate.

  3. The market is ripe for a sucker rally of 500 points or so, followed by a 1000 point crash late July and early August.
  4. Potential Support/Bounce??


  5. look at the volume from the middle of march to the middle of may

    then from the middle of may to now.
  6. the down vol was increasing up to the point the "hammer" was formed.

    hammer not very effective in this situation.

    rather would have wanted to see a big gap up instead of a hammer.... to spook the bears that commited .... than jump on the trolly for a quick short ride up.

    i dont see no rally soon. i know were over sold.... but still....
    i mean oil just keeps creeping up.... industrials are crappy.... financials not quite ready to go back to the buffet table.....

    i see chop.... chop.... down.. chop..
  7. Sorry the equity market is being held hostage by crude oil
  8. S2007S


    If crude pulls back 20 bucks a barrel that could easily lead to dow 12k+ until then as oil makes new highs markets will make new lows.
  9. Death spiral here. Capitulation is at least 1,200, and maybe 1,700 points away.
  10. Buyers coming into the market at the same time as yesterday. However, they are doing it today on no news.

    Sell this spike.
    #10     Jul 2, 2008