And, the 60 minute:
Note every time the market tries to turn, the RSI is turned back by its trend line. I, for one, won't give up a single short position unless we can at least see a clean break.
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Just a quick look at possible TL's to watch -- big picture stuff. Next support looks to be around 1100, the 3rd fan line off the 2007 top.
This also coincides with the 2.618 Fib extension at 1098.86. Recall, this would be another logical termination of the crab pattern we've been watching [Anything Happen?]
Surely not to call a bottom is prudent.
ReplyDeleteSome people argue that many technical indicators break down briefly at times when emotion takes over. The market can move down 100 points as well as up 100 points, making the indicators less predictable.
I fully expect more downward pressure tomorrow morning. There is also a chance that we can have a flash crash as now the market is begging on one thing and one thing alone: QE3. But it is not a done deal that QE3 will be there to save the market. If not, the market has nowhere to go except crash. On the other hand, if there is any "real" hint, the market can make a huge snap back rally of some 100 points.
What do you think?
Mars/Uranus/Pluto T square causing market sell offs, riots..
ReplyDeleteMayan 9th wave 5th day mid point now..
George -- think you're right about QE3. Just got back from travels and hope to get a chance to post more later.
ReplyDeleteTimer -- I'm clueless about the planetary stuff, but find it interesting. Can you elaborate, or point me towards something educational?
Pebble,
ReplyDeleteYou can read from these sites for some info..
http://www.mmacycles.com/weekly-preview/mma-comments-for-the-week/mma-comments-for-the-week-beginning-august-8,-2011/
http://www.billmeridian.com/articles-files/fed-new.htm
http://mayanninthwave.com/