06/21/2018 Live Update

[Al_Dente]

note OSTK
down on supreme court decision this morn

[Daniel]

Naz and NYSE up/down volume is about 2/1 bearish... and near the worst levels of the day.

Oddly enuf, both are again right about where they were when I posted this. Moderately bearish readings, but nothing severe.

[Al_Dente]

HAPPY HOUR

[Cobra]

possible mm?

[MrMiyagi]

idiot

rr.gif (672.74 KiB) Viewed 3220 times

[Daniel]

What does it mean when the Dow goes down for the 8th strait day, the day after the NDX makes an All Time High? I'm pretty sure that's never happened before.

This is an excellent question, and even now probability-based Algos are rummaging around in that, and some other odd disparities, for clues. Along the lines of this query is the one posed and answered by D.Lyons, pundit, in the following post:

"In some ways the bulls resilience over the past 3 days has been unprecedented. Consider this – in each of the 3 days from June 15-June 19, the S&P 500:

=> Was down at least 0.75% at some point during the day and
=> Rallied to close in the upper 85% of its daily range

How noteworthy is this 3-day feat? It is actually the first time the index has ever accomplished it in its nearly 70-year history. In this case, as the S&P 500 has never put together such a 3-day stretch, it is impossible to test what might happen next.

However, there have been 10 occasions on which we saw 2 consecutive days meeting the above criteria. For what it’s worth, the action in the S&P 500 following those events was wild – in both directions. For example, the average change 1 month following these historical events, on an absolute basis, was a whopping 7.8%.

6 months following the events, the S&P 500 was up or down by an average of nearly 18%. So, will our current episode result in wild action in the stock market again?"

[Wallstreetrader]

Nice Dip here !

[Trades with cats]

Record debt, mostly used for record buybacks and dividends in excess of free cash flow. Close if not at record levels of a handful of stocks accounting for most of the gains. Record level of ETF money. I could go on but why bother. Given the environment we should see many unusual things!

[fehro]

triangle..LOD goes /aka 20d SMA .. look out below

and down she goes

[QED]

The $INDU (DIA) has a date with its 200ma.

[Cobra]

it's double top then (failed rebound attempt) the close might be bloody today.

[Trades with cats]

So much for that double bottom set up. Going to need a good ramp express at 3:40 to stop the technical damage .

[Daniel]

IWM still above its LOD; SPY and QQQ both undercut, but are now hammering upward.

[fehro]

mind the nasty gap down tomorrow

[fehro]

mind the nasty gap down tomorrow

[cletus]

According to my research ( which correctly was on the short side nearly all day while Cobra was trying to call it higher), I now suggest that the market has a POSITIVE bias from about this time into tomorrow's open. That said, we're so close to that 2736 level it's hard to believe it won't be touched.

[QED]

The media should soon be trotting out Tom Demark.

[crawford glissadevil]

What does it mean when the Dow goes down for the 8th strait day, the day after the NDX makes an All Time High? I'm pretty sure that's never happened before.

This is an excellent question, and even now probability-based Algos are rummaging around in that, and some other odd disparities, for clues. Along the lines of this query is the one posed and answered by D.Lyons, pundit, in the following post:

"In some ways the bulls resilience over the past 3 days has been unprecedented. Consider this – in each of the 3 days from June 15-June 19, the S&P 500:

=> Was down at least 0.75% at some point during the day and
=> Rallied to close in the upper 85% of its daily range

How noteworthy is this 3-day feat? It is actually the first time the index has ever accomplished it in its nearly 70-year history. In this case, as the S&P 500 has never put together such a 3-day stretch, it is impossible to test what might happen next.

However, there have been 10 occasions on which we saw 2 consecutive days meeting the above criteria. For what it’s worth, the action in the S&P 500 following those events was wild – in both directions. For example, the average change 1 month following these historical events, on an absolute basis, was a whopping 7.8%.

6 months following the events, the S&P 500 was up or down by an average of nearly 18%. So, will our current episode result in wild action in the stock market again?"

Outstanding thought provoking answer Daniel. So we got 2 events that have never occured before-

1. Dow down 8 days in a row, the day after Comp and NDX make All Time Highs

2.Three Days in a row of S&P 500

=> Was down at least 0.75% at some point during the day and
=> Rallied to close in the upper 85% of its daily range


So we could be in for a bunch of volitility.

[Daniel]

IWM 168 holding...

[1der]

There is a SPY 273.49 PBar hanging around unfilled