06/14/2011 Intraday Watering

[Cobra]

Cobra: in your chart book, you haven't updated 6.4.1b extreme high $NYADV (>2600) for a while, is it because it's not enough edge lately?
today $NYADV =2560 so far, have potential to trigger some exteme reading.

only close counts. I don't see any > 2600 recently.

[Cobra]

i see ascending triangle here plus measured move, so both text book target are the same. let's see.

Hi Cobra,
Is that target 129.8 ish?
Thanks

just a rough idea, it's not a science number. 129.8ish is almost there.

[Sqwii]

SPY testing trendline resistance at around 129.5-129.6 on my screen , if we breakout of this (YES bullish) - if not .. I think we see SPY below 127 next does it make sense ?

[Sqwii]

Markets just nailed the trendline right now at 129.55 or so on my screen - lets see what happends from here into close....

[StrikePrice]

I imagine I'm not the only one looking for this IHS to play out the rest of the week.

I guess that means BULLS win no matter what huh?

[Cobra]

breakout, but not strong enough, if bulls cannot show strength here, then we'll see 2 legged down (5 min chart 2 leg down) soon.

[Sqwii]

StrikePrice I agree I am watching the inverted HS pattern too... which means if we cant break BELOW 1280 SPX tomorrow... then BULLS going to win... and we move higher. If BEARS break it , see you below 1270 next imo

[Wallstreetrader]

My system today is flip flop mode, wrong side these time.

[Bencat]

breakout, but not strong enough, if bulls cannot show strength here, then we'll see 2 legged down (5 min chart 2 leg down) soon.

may consolidate here for a while.

[Cobra]

lunch time. set stop loss to breakeven. this is not as strong as I thought but i'll give it more times. maintain the target.

[StrikePrice]

StrikePrice I agree I am watching the inverted HS pattern too... which means if we cant break BELOW 1280 SPX tomorrow... then BULLS going to win... and we move higher. If BEARS break it , see you below 1270 next imo

With SPY Option Max Pain listed at $129 I'd be very surprised to see a move below $128 during the rest of the week.

Perhaps next week though.

http://www.optionpain.com/MaxPain/Max-Pain.php

[KENA]

Second my system these is the high for the move but my system today is flip flop mode, wrong side these time.

Nice chart, Thanks..I'm just watching today,but I am also getting nervous.In my book I was thinking 1290/1295 as a new lower high.Wait and see.

[Sqwii]

Kena - I would agree with you on 1290-1294 - the key resistance is SPX 1294. SPY hit my target today and I would love to see a reversal very soon in markets. If my analysis is right , we should see a plunge back below SPY 127 and SPX 1270 over next days but if we hold at 1280 and this level holding I would be long .

[BBFinance]

lunch time. set stop loss to breakeven. this is not as strong as I thought but i'll give it more times. maintain the target.

The HTF bots and algos have a target. SPY around $130-$132. Now SPX going back and forth is an exercise in smoke & mirror.
This is playing exactly like your weekend report.

[Cobra]

OR breakout target has been met. remember I said 80% chances, oh, yeah.

[Cobra]

still a little shy of Ascending Triangle target. I see overshot and volume surge, so could see a pullback or consolidation here.

[Cobra]

as long as the green line hold, I don't see anything wrong with bulls.

[dr659]

still a little shy of Ascending Triangle target. I see overshot and volume surge, so could see a pullback or consolidation here.

comeon consolidation!!!!! No Pullback please

[Cobra]

ok, those who become very bullish today, be sure to pay a little attention to the volume. which pattern is destined to fail and which one means the real push up?

[jamesmith]

ok, those who become very bullish today, be sure to pay a little attention to the volume. which pattern is destined to fail and which one means the real push up?

laoda, sell bounce?