if the next 5-minute bar closes below 853, then we could retest 848. Shorts should not rest, however, until 848 is effectively taken out. Otherwise, a possibility for another reversal (eg. short squeeze) is too great.
Yes. Notice the 10 pt higher buying ... must chase to go long NOW! In the face of huge down side momentum from weekly/daily, the IHS or divergence type signals are most likely to stop at their first targets. As far as I can see, no bottom until limit down days are seen.
All I know is that when these idiotic bulls push the market up on bad economic numbers, the correction is usually damn severe. Just witness the drop on Monday following last week's meteoric rise on practically thin air.
The following bar indeed closed below 853, but the downside momentum is relatively weak. 848-850 should serve as a battleground between good (bears) and evil (bulls).
The must buy now crowd do not push the mkt up. They absorbed the liquidity only. It is the P/A only traders who push the mkt around these days when they think they see a trend, as they are not afraid to chase a market. That magnify all moves drastically.
sh 58.75 ,will add up to 63,will post,out 55,flat, they are just massaging this trendline at 57,tl starts on 9/19 highs on daily, when the action is this bubbly there is usually a big move coming,i would just as soon be flat and wait for it,the obvious is a move down,so it will probably go the other way,i'ld rather be late and miss it than be wrong
We ain't going anywhere for some time. I have a nasty feeling we'll be range-bound for the next few hours.
Seems as if shorts are waiting to move in but they want a higher target. Bulls are somewhat scared of taking higher, except naive newbie bulls (NNB). I think NNB will take it as high as recent swing hi at 895 or even 920 before next big move down. 865/870 is key --- if it fails here then the down move will begin
Bears also know that a dead cat usually has 8 more lives. But if 848 collapses, it might just invite the bears out of their hybernation.