The opposite, actually. Market rally imminent. Slopeofhope sucks anyway. Tim Knight is worse than a broken clock. You should do the exact opposite he says.
========================= Port[rhymes with support] ''SPY broken all support''; agree, support doesnt mean much in a bear market, anyway
There's support at 837 the lows from 1 1/2 weeks ago. Then there's support around 767 from 2002-03. After that - yeah, the next level is 400 or something, I can't even remember it.
Out of all the chart patterns, the ones that have consistently worked FOR ME are the symetrical triangle and the head&shoulders. Nothing else seems to have been as reliable. For example, BAC and BRLC were in symetrical triangles at one time similiar to this one. After a huge move to the downside, both started to trade in this triangle pattern and then after breaking to the downside of the triangle came massive down moves that lasted weeks. I know about the bailout, I know about government intervention, but I know what I went through on stocks that started to get into this pattern. My trader's sense tells me that we have one more large down move to go before we can think about "the bottom". The economy seems worse now then at anytime since the 70s. Neighborhoods with foreclosures in mass, large established car dealerships closing their doors, etc. This was not occuring during 2002-2003. BTW, look at the NAHB index and how its at the lowest point EVER. I can only surmise from a technical and fundamental perspective that "the bottom" lay somewhere below the 2002-2003 lows and then a recovery to the old 2007 highs will not happen for at the very least 5 years, but most probably 7-8 years.
well, technically, i see all this as the unfinished part of the bearish flag, i.e. pennant. and, at the left side of it -- long negative pole of the flag. probably, after FINISHING the pennant part (flag itself), i.e. moving up a little, we could potentially expect (if technicals gonna work this time after all) the second pole as another huge move down (usually to be exactly equal to the first pole). in reality, i hope this technicals gonna be just testicals (and we gonna need iron ones pretty soon, yes), and will not work in this way. i love technicals, but i hope they suck this time. why not? beauty of market is that it's full of surprises, and fooled a lot of ppl at the very end. remember the stup oratory forecast of Ken Fischer ("where the market is headed")?. looks like he did not lay all his money on his own prediction, otherwise he did not have any other choice as defenestrate himself