08/31/2012 Live Update

[fehro]

i know this sounds ridiculous... but feeling a huge gap down on SPX on Tuesday.. 1380 open... crazy.. okay.. way too much coffee today..
we didn't manage to regain the 20 day SMA.. slammed down in the last minute... and seems like a lot of longer upper wicks in the last week or so... not particularly bullish.

[jdow]

i know this sounds ridiculous... but feeling a huge gap down on SPX on Tuesday.. 1380 open... crazy.. okay.. way too much coffee today..
we didn't manage to regain the 20 day SMA.. slammed down in the last minute... and seems like a lot of longer upper wicks in the last week or so... not particularly bullish.

I had + 1.20 spy pbars yesterday close, and that turned out to be today's open. Now I have 2 separate pbars down to $ 140.45.

[TradingJackal]

NYMO put in a divergence yesterday and all we got was a triangle! The range appears to be 1414 and 1398 or so. We closed midway I believe. These markets are incredible

I have commented that divergences to the upside are not working as they used to before. I would still like to believe we are in a 4th wave rather than a 2. Will have to see today's reading to see what happened.

http://stockcharts.com/freecharts/McSumNYSE.html

[TraderGirl]

i know this sounds ridiculous... but feeling a huge gap down on SPX on Tuesday.. 1380 open... crazy.. okay.. way too much coffee today..
we didn't manage to regain the 20 day SMA.. slammed down in the last minute... and seems like a lot of longer upper wicks in the last week or so... not particularly bullish.

A chart that I have (that is usually more reliable in bearish environments rather than bullish ones), said we would get a big spike up today, then a move lower on the day....now it is saying we go lower on Tuesday, then spike up late in the day, but then on Wednesday we are down...

In essence I think next week will be very choppy until the turn date of Aug 6-7 where I believe we turn down possibly into mid- month...

[roamingjan]

Ummm... would that be Sept 6-7?

[TraderGirl]

Ummm... would that be Sept 6-7?

Yes! Sorry, Sept 6-7.... good catch!

[Petsamo]

This trading system is not perfect, but it is showing a bullish setup for early next week.

If anyone here comes across a perfect trading system, please let me know.
Thanks.



P.S. Cobra, Al D., BullBear, Uempel, Petsamo, Trading Jackal and all the other regulars might like to know too.

Yes, I'd like to know