The indices have now given back all of the gains from Thursday's rally, and then some, in the case of the Nasdaq. So we're back on the brink of a breakdown beneath the October lows. Like last week's selloff to these levels, the volume has dried up. Last week I thought that was probably a bullish sign and I still think that today. But with each trip to these levels I become less convinced that support will hold, despite the light volume. The fact that the indices are no longer ar eno longer showing oversold stochastic readings also lessens my expectations for support to hold. But who knows, perhaps peace & prosperity will break out in the coming days. ;-)
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Volume drying up could easily lead to increase in volume... by sellers! We've seen this too many times already.
Hi Mike,
One Quick Question! Are you still long in SSO your trade in your IRA based on the T108 indicator low that you made at around 38?? Or Did you exit on a stop?
Thanks
I suspect we will crash this week...!
Why?
Because unlike other trips to this level, there seems not to be any panic. If you watch the talking heads on CNBC, etc., there is no sense of dread or doom, now that we are about to test the lows of this range for the 4th time. And as always, they always seem to be great contrary indicators (like Maria losing her mind as the NAZ went over 5K back in 2000, on it's way not doubt to 10K.....).
Also, it looks like the general (AAPL) is about to be shot. I firmly believe that the market can't bottom until AAPL pukes it out on huge volume. Too many AAPL "kool-aid" drinkers think 85.00 "can't be broken" (just like 120.00 couldn't be months ago).
Then again, I could be totally wrong.......LOL!
It seems like everyone is trying to call a bottom here. That is bearish.
Prab,
That was the quickest stop out ever. I have been thinking about jumping back in though.
Mike,
I believe too many people buying around SPX 850. I am afraid that now they want to get out!