|
|
Post by huh on Oct 2, 2014 17:43:18 GMT -5
Pretty much the only thing I'm watching today - IWM. Drew these channel lines back in May. Held support yesterday on the third tap. Expecting it will fall through, but likely to bounce some first. That support sits around 107.70. [chart] Closer look (30 min) at IWM after today's action...  |
|
|
|
Post by huh on Oct 2, 2014 19:25:10 GMT -5
Pouring over charts tonight and many individual stocks look pretty rough, especially those that are dollar dependent - industrials, materials, energy. Their longer term charts are bad.
But on the indices, it's a coin flip until they show us here. Was today's move only an oversold bounce, or was it the all too familiar pullback bottom candle we're so used to seeing now? IWM appears to be a large topping pattern, but my Fed-induced-market-trained mind keeps telling me it will see ~120 one last time. And lots of potential topping patterns out there in the sector ETFs (IYT, XHB, etc).
I think the dollar's about done with it's move, although a slightly higher high in UUP would seal the deal for a large double-top, for me at least. The up move was too fast and left too many gaps. When it falls, it will be swift.
Even after today's typical FIB retracing, "MM's gotcha in the middle of the day" move, I'm not so convinced. But it wouldn't take much above here to change my mind.
If the market were to continue down from here, keep an eye on IWM. It broke below and confirmed a major topping pattern, but then turned higher. Wouldn't be surprised to see that same move in other things - falling then turning back up to squeeze. Especially if we see outperformance in IWM while/if they fall.
|
|
|
|
Post by huh on Oct 2, 2014 19:26:36 GMT -5
That call was good. But if I'm right about the squeeze that's building, that one will blow people away! (Looking for SPX 2065 on Halloween!) Everyone have their buy spots ready? I'm thinking the bottom within the next 3 trading days. Wow...........you are optimistic..............I don't see it as I am expecting a complete fall out and the 1800's first before any move back towards 2000. JMO and BOL......... If you knew what I think happens after 2065, you wouldn't call me optimistic. Muhahahaha |
|
|
|
Post by clinton on Oct 2, 2014 21:11:44 GMT -5
bullish Van Halen formation Attachments:
|
|
|
|
Post by clinton on Oct 2, 2014 21:12:18 GMT -5
|
|
|
|
Post by crumbdon on Oct 2, 2014 23:06:35 GMT -5
LOL, Clinton- that's great!
|
|
|
|
Post by huh on Oct 3, 2014 7:23:49 GMT -5
Really nice catch Clinton. That would put SPX around 1975 - and by the look of futures, it wants to gap right up to it.
|
|
|
|
Post by Herceg on Oct 3, 2014 7:42:29 GMT -5
Unfortunately Eddie really "F'd" that band............. |
|
|
|
Post by dino on Oct 3, 2014 18:37:11 GMT -5
Really nice catch Clinton. That would put SPX around 1975 - and by the look of futures, it wants to gap right up to it. If it's a real VH formation, the target is 5150. Nyuk, nyuk, nyuk... |
|
|
|
Post by dino on Oct 3, 2014 21:18:26 GMT -5
Unfortunately Eddie really "F'd" that band............. I seen them in Pittsburgh a few years ago when Dave got back together with the band. The stage show was horrible (age) but boy did they sound GREAT! |
|
|
|
Post by Herceg on Oct 14, 2014 22:53:16 GMT -5
Wow...........you are optimistic..............I don't see it as I am expecting a complete fall out and the 1800's first before any move back towards 2000. JMO and BOL......... The sweet smell of fear in the mkt...........I figure I would even dress the part with Halloween so near........... BOL to all.......... |
|
|
|
Post by jacksrbtr on Oct 15, 2014 6:03:39 GMT -5
Wow...........you are optimistic..............I don't see it as I am expecting a complete fall out and the 1800's first before any move back towards 2000. JMO and BOL......... The sweet smell of fear in the mkt...........I figure I would even dress the part with Halloween so near........... BOL to all.......... Great cheekbones!!! Bwahahahaaaa! Or should I say Muahahahaaaa! |
|
|
|
Post by clinton on Jul 6, 2017 9:47:15 GMT -5
bullish Van Halen formation Van Halen formation scroll up |
|
