LOL. Ok. Isn't there a probability when the TRIN closese over 2? IIRC Gap up the next day. I'm not taking the bet BTW.
I dunno about you but according to my crystal ball, the bottom should be at 1235. But then again, we already hit the low of 1236.50. So that might be the bottom. I dunno. Anyway, I have an MIT order at 1235.25.
But isn't it reasonable to argue that the only reason that we were able to come down so much today, which hasn't happened for some time, is that the bulls were flushed out in the first place? On a day like today, the market is more apt to close at the low of the day than to make a V-reversal.
Agree. The 20 day tight range break can imply something very serious like 1200 area, or something less serious like 1230 area where the previous ES gap is. We could fill it today.
Here's the tentative plan that I'm following at the moment. But as I stated above, I thing the LOD will be around 1235-ish.
072908 was a gap day, previous close 1235. (my guess as to Salivas order ) We also got 071508 hod 1235.75
W4rl0ck, TRIN check Bespoke tomorrow, they sometimes run studies like that. I Googled TRIN > 2.00 and found this study good study, but it does not address the exact next day performance. Here's the url http://www.istockanalyst.com/article/viewarticle+articleid_2547553.html there are probably plenty more out there. BTW, a high closing trin today will only produce a strong rebound tomorrow if I do not get long tomorrow.