And today we saw price trade right down to the EXACT top of the next delta zone at 819.75's area....price traded to SIZE again with a reactive bounce off that area (as SHORT's used the touch to cover for profits followed by initiated buying). That delta zone has not yet been neutralized, so I will be looking for another rotation back down again soon (maybe tomorrow....we will see).
So, now that we are in the low 800s. What next? Does the symetrical triangle that we are in on the S&P500 have significance with you guys?
What does have significance IMVHO is volume which was very weak today and a gap on the XLF at the opening today which should/could be filled. So tomorrow will be very interesting and I'm actually leaning towards a down move.
820 was a cover for me , but to see it spank 70 pips north with over 100K in vol in 15 mins still amazes me, primed fora retest imho kap
I'm leaning towards the bullish side for a few reasons, 1. Bullish harami 2. Support held 3. Vix dropped about 5 times more than the idices rose 4. TRIN was very bullish almost all day 5. BANK finished up Bearish signs: Can I get some feedback on bearish signs, I might be a bit too optimistic today
BEARISH SIGNS........... 1. Obama has 11 Trilateral Commission members in his White House 2. Geithner is the Treasury Secretary 3. Congress just passed a stimulus plan 4. TARP II about to hit any day now once they come up with something (LOL!) 5. Commercial Real Estate market about to pull a chernobyl 6. WHY ON EARTH would anyone want to be long now....LOL!
Volume, volume and volume. As I said it was light overall and besides the most of it (volume) was on tops of the day but we still couldn't go higher - so there was selling every time we reached the highs of the day Just MVHO