03/23/2011 Intraday Watering

[Cobra]

Small gap down open below yesterday's range so there's a chance the gap won't be filled, not sure though as the gap is too small. For 4 days in a row, the market hasn't moved much during the day, I hope today could be a little different.

[chickencoop]

gm

[cletus]

An hourly close below 1285 confirms that a new downleg has started. Something to knock the bullish case -- there has not been a single trend day up since this retracement started. In my trading career, I've never seen a strong up-trend form without a single trend day in the first wave up. It's not proof, since this could be a first.

[99er]

Morning.

What a great day to be Shirakawa-san. Up to $308 billion in damages? It's only (fiat) money.
Nikkei futures: http://99ercharts.blogspot.com/2011/03/nikkei_23.html

Good luck.

[99er]

/ES

Update: http://99ercharts.blogspot.com/2011/03/es_23.html

[KENA]

FYI...Stocktiming.com says institutions were in distribution yesterday...BKX has improved somewhat...All 3 indexes still have SELL signals...Dollar is in danger of falling hard if it does not improve today.For the Bears I think if we can stay under 1285 we will move down to at least test the last low.

[agnosia]

i am looking for a move down to fill the /es gap at 1273.75 and have a bounce off of the weekly 1272 pivot. I shorted the spike this morning near 1291.

[huiwangren]

goodmorning ，

[99er]

EURUSD
Meanwhile...
http://99ercharts.blogspot.com/2011/03/eurusd_23.html
Irish 10-year bonds now yielding more than 10%.

[Cobra]

The open.

[abracadabra]

morning!

[Cobra]

Support for Global ES.

[cletus]

I'm 50% short heading into today and will go to 100% if I see an hourly close below 1285. As for current short positions, I have stops in to protect profits, but at this point, the setup is still very bearish. Rising wedge breakdown, target 1250 at minimum.

[maldini]

island top?

[uempel]

Back in the arena:

[KENA]

We have not been able to break the hi of 1300.. Do we now have a lower hi of 1295/1297??? If so we are slowly tending down.

[cletus]

Understand that a 5th wave lower on this downtrend CONFIRMS A BEAR MARKET. The double dip in housing, confirmed by all numbers, is showing the recession building. So the re-test of the highs will likely be a wave 2 affair.

[Cobra]

Red moving average is the next support. It's 30 min OR breakdown, so bears got a little better chances today.

[cletus]

The head and shoulders HAS BEEN DECAPITATED! The bull flag has been BURNED!

[Cobra]

Here is what I'll closely watch today: must breakdown below the red line to show the strength. Otherwise it means for equally 2 days bear couldn't recover its 2 day losses to bulls therefore the downside momentum is weaker. Yes, that's n vs n rule.