08/22/2012 Live Update

[Cobra]

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Small gap down along yesterday's low so the gap might be filled.

The Global ES may have formed a small bear flag overnight, so FOR NOW the bias is down. Why "FOR NOW"? Because I need constantly adjust my call as the market unfolds. It's like a guided missile. If I can always call the market right at the first glance and never ever need change thereafter, I shall now be the richest man in the world, right? Obviously I cannot, and so that's why I'm still here every morning.

[Al_Dente]

GM cobra, i'm very glad u r "still here every morning"

Since the 4 June low, there was only one time when SPY (and $SPX) made a fresh high on a blue elder stick (second panel),
and zero times when the high was preceded the day before by a blue elder stick.
Too small a sampling?

[Al_Dente]

But this daily renko likes to catch tops. It might be (MAYBE) saying “we are not quite there yet.”
It is however at a double top. Today/the rest of the week should clarify this either way…. whatever you are expecting… prepare for the opposite……

[Al_Dente]

If this is a top, it’s a bit rare for it to be a curving SPY top (like a dome) instead of a spike top like usual (SPY is purple).
I don’t know what this means………anyone?

[Al_Dente]

Finally, if NYMO could just stay above the bolinger centerline (green dashed line), SPY (faded purple) could stay in rally mode (green boxes)… we’ll see…

[Harapa]

Momentum Block Update:
Overnight action in the currency markets indicates continued weakness (for intraday or swing trade) in the equity markets.

[ClarkW]

But this daily renko likes to catch tops. It might be (MAYBE) saying “we are not quite there yet.”
It is however at a double top. Today/the rest of the week should clarify this either way…. whatever you are expecting… prepare for the opposite……

822dailyrenko.png

How the heck do you keep track of all your charts? Awesome stuff! What the indicators on top of this one?

[Harapa]

Strictly for Intraday:
Vixies are in the bear camp. Of concern is behavior of VXZ (which tracks 4-6 volatility), which is hinting weakness in higher time frames.

[Unique]

Still net short on SPYders, might re-short AAPL today, looks like a consolidation morning first for SPY

[Cobra]

the open.

[Unique]

the open.

Falling wedge = short term bullish reversal in the works with accompanying oversold RSI...

SPY 60min went from 75 rsi to 38 in one day...lovely (rsi 14 settings)

[OverUnder]

EU's Juncker says there will be no decision on Greek aid before October. The market was expecting something this week due to various meetings. It's still possible there will be some other action taken on Greek aid this week outside of the realm that he means to refer to, I suppose. Always surprising.

[tigerjim]

Finally, if NYMO could just stay above the bolinger centerline (green dashed line), SPY (faded purple) could stay in rally mode (green boxes)… we’ll see…

822nymo.png

Al,

More amazing charts - what are the very small read, green blue boxes/tick marks on the bottom panel?

[Al_Dente]

But this daily renko likes to catch tops. It might be (MAYBE) saying “we are not quite there yet.”
It is however at a double top. Today/the rest of the week should clarify this either way…. whatever you are expecting… prepare for the opposite……

822dailyrenko.png

How the heck do you keep track of all your charts? Awesome stuff! What the indicators on top of this one?

CLARK
It is “directional movement” ADX 8, shadowed by ADX 10

[TradingJackal]

Wolfe wave. Touch of blue line? Some early buying but overall a bearish day I recon.

[Cobra]

a little resistance here. I still read this is the 1st down leg.

[Al_Dente]

Finally, if NYMO could just stay above the bolinger centerline (green dashed line), SPY (faded purple) could stay in rally mode (green boxes)… we’ll see…

822nymo.png

Al, More amazing charts - what are the very small read, green blue boxes/tick marks on the bottom panel?

NICE TO SEE U HERE TIGER
Bottom is just the same old $NYMO but done with elder bars
Elders give the little red green blue ticks
Then another $NYMO overlay in “area style” fills it in red/green
Just gives a different view of the same thing
SPY faded behind
The ma behind the bottom panel is 13ma which tells me not much !
GL2U

[ClarkW]

But this daily renko likes to catch tops. It might be (MAYBE) saying “we are not quite there yet.”
It is however at a double top. Today/the rest of the week should clarify this either way…. whatever you are expecting… prepare for the opposite……

822dailyrenko.png

How the heck do you keep track of all your charts? Awesome stuff! What the indicators on top of this one?

CLARK
It is “directional movement” ADX 8, shadowed by ADX 10

Thanks Al

[Harapa]

Line in the sand for ES. Divergences from indicator:old story.

[Cobra]

generally, a 5 red hourly bars in a row means a rebound. it's not fair to bears I know as generally bulls can have as many green bars as they want.