06/02/2011 Intraday Watering

[Cobra]

Again, registered but not yet posted anything please find time to reply the sticky post in the forum (viewtopic.php?f=2&t=195), thanks.

Small gap up or flat open, whatever gap should be filled. Usually after a Major Distribution Day, the next day tends to be a small consolidation bar, anyway, bulls don't want to see another huge sell off today otherwise it'd be very bad. Judging from Global ES, I see clear bear flag is in the forming, so chances are the selling is not over yet, I just hope it's not today. The strange thing is EURUSD is pretty strong, how will it affect the stock market, we'll have to wait and see.

Institutional actions from stocktiming.

[cletus]

I look at this chart and see nothing remotely bearish for the intermediate term at this stage.

[MajorEasy]

possible paths
2 bars per day with this morning pre-market
down volume 133 to 80 up volume

[cougar]

On the SPX daily chart, I am looking at the MM and Sq of 9 levels. According to those levels, if it drops through 1297, we have a serious support only in the 1250 - 1260 zone.

[99er]

Good Morning.
Correlation today?
EURUSD
http://99ercharts.blogspot.com/2011/06/eurusd_7757.html

[cougar]

On a weekly chart I see a bearish trend taking shape. However, the moving support of the QE2 era still works (MAW34, blue).

[99er]

May not matter...
ES
http://99ercharts.blogspot.com/2011/06/es_2680.html
Gravity.

[99er]

cougar:
Those are very nice charts!

[shumushu]

Good morning fellows:

Small gap up, I am expecting the market to retest yesterday's low. Huge down day usually gets its low retest shortly.

[BullBear52x]

No divergence to buy intraday that I can see. Dow leads in fear factor.

[stockcycle]

With the yesterday sell off of the broad market, the Bulls have been knock out by the Bears.
The Bulls may hope to find supports from value and bargain hunters which could refrain the market from further falling.

[FJoe]

Yesterday looks like 1/28, but feels different. Am bullish above the low of 5/25, and bearish below.

[AK84]

Good Morning Cobra!! Just wanted to say thank you for responding to my messages yesterday. Sorry I didnt get a chance to reply back. As usual, you are AMAZINGG!!

[Cobra]

the open.

[uempel]

Nobody seems to write about this:

[cougar]

99er: thanks!

[HK88]

Hi,

Just a quick observation on market internals. SPX is at/around 1315 but BPSPX not quite following thru as well as the cumulative breadth for SPX. Also, NYSE not selling as much, which could mean that yesterday's selling was not that broad-based, but on the other hand (like Cobra mentioned) it means that large caps are being dumped by institutions.

Thx

[champix]

NFP figures tomorrow have to be good... if not, target 1250

[shumushu]

Nobody seems to write about this:

SPX1.png

Hmm that is a very interesting chart. Good work sir =)

[99er]

uempel: "Nobody seems to write about this"

Nice catch!