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Double bottom. Blue line is the aug low, previous support now resistance, wait to see if bulls could break it.
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Oh, there will be a price to pay for the highest vol readings in years on the NDX and SPX. And that price will be the 9.66 pbar we've already received. Massive, massive gains when that is hit.
The last century has seen nearly thirty (30) bear markets. The average bear market length has been 17.7 months with an average decline of 30.8%. A bear market begins, on average, every 44 months (3.6 years). Average is the keyword. Some bear markets last much longer. The key is how to do long term conservative market timing.
My comments were dictated to me by homie the clown
The last century has seen nearly thirty (30) bear markets. The average bear market length has been 17.7 months with an average decline of 30.8%. A bear market begins, on average, every 44 months (3.6 years). Average is the keyword. Some bear markets last much longer. The key is how to do long term conservative market timing.
Bullish Percentages are slightly up today (go to stockcharts, free charts, Bullish Percent Indexes) and as to the importance of yesterday's low - I'm clueless. Nice support, but the pattern doesn't look like the bottom.
Is this an important low? - sure doesn't look like it
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Update on John J. Murphy's Broadening Formation. Looks great so far. Only a pivot 6 way down below SPX 1840 would ruin the pattern By the way, for those who are not accustomed to TA and the classical patterns: A Broadening Formation can/does/might signal the end of a bull run ...
Last edited by uempel on Tue Oct 14, 2014 10:17 am, edited 3 times in total.