Discussion in 'Trading' started by LT701, May 14, 2008.
every so often, someone's gotta kick off one of these threads
i've never done it
some bearish numbers from 3-4pm
Highest down volume on the IWM hourly chart since April
Largest gain on the VIX hourly chart since April 8th....
i noticed that too
black candle on spy also
Ominous "spinning top" on the daily Nasdaq 100.
This could be "it" for the bulls.
They made a great run that fooled many.
A reversal day normally does not bode well for the market, but I don't consider this a true reversal day. The ndx lost a fairly significant gain, but the s&p drop from the high was really insignificant. The bullish percent index continues to rise, and all systems are go as far as I'm concerned.
Just the market being timid about getting up near 13,000 and 1,420.
Technical reversal off the 200-day MA for the Nasdaq.
The major market indexes have cleared several levels of resistance in the past few weeks. The next step: the 200-day moving average. The Dow hit that line the week before last, only to head lower. Other indexes have also flirted with it, only to turn back.
Both the Nasdaq and the NYSE composite ended below their 200-day moving averages after poking above that line today.
I agree, and I'm short. Hope we're right.
Maybe it is, but know that Elliott Wave International claims today's top was the early stages of wave 3 down (daily degree). The last 2 times they made that call were May 7 and April 11. Since April 11 every major indice has made a new high and since May 7 the mid caps, small caps, and Nasdaq have made new highs.
Bullish percent index on the S&P 500 went up to 58.6 from 57.2 yesterday. However, the % of stocks above the 50 DMA for S&P 500 is now 77.76, pretty close to the the % reached at the top in October 2007.
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