09/29/2011 Intraday Watering

[BullBear52x]

IWM update: now in a waiting mode

once IWM gives, you know it's real deal.

[pady]

My target is 109.2 or lower.

[KENA]

I am seeing chatter (ala Doug Kass) about a rare pattern appearing called Three Peaks and a Domed House.

http://thepatternsite.com/3peaksdome.html

It's a catchy name, like the Hindenburg Omen, but I wonder if it has any merit.

If I am interpreting it correctly (not sure), a completion of the current pattern would have equities dropping to the summer 2010 lows.
If anyone has any familiarity with this pattern or insight as to how it applies to current conditions, please share.

Yes.. These doms if they form they will most always go dn below the prior low..I have had poor luck on the daily Doms, seems the dippers come in and spoil it..On longer term forming Doms if they reach the 50% point the chances are fairly good. Keep us informed how this one is developing. Thanks

[nikman]

What is NPR and PPR?

Thanks!

RSI(14) Positive and Negative Price Reversals are described in 'Technical Analysis for the Trading Professional', by Connie Brown. Both confirmations and non-confirmations are instructional (purple notations.) The calculation is shown. From my experience, they are more reliable when they occur in more than one time frame (15 and 60 min, for instance).

Thank you, Right.

[KENA]

IWM update: now in a waiting mode

once IWM gives, you know it's real deal.

To be sure we need to break 660. Let me know if i am wrong so i can correct. Thanks

[BullBear52x]

one hour to go you can stick a fork on it.

Bulls don't want to leave 100%arc, bad bad bad.

[BullBear52x]

IWM update: now in a waiting mode

once IWM gives, you know it's real deal.

To be sure we need to break 660. Let me know if i am wrong so i can correct. Thanks

Every short term time frame is bearish. everyone of them take a look here.

[Michelle]

I don’t smell strong squeeze yet in copper… maybe soon
I can’t see past that lower low JJC (but no lower low FCX !)
But u r better bottom picker than me ……me just ride trend

I'm not really trying to pick a bottom. I just made an observation. I wish we could make the move that needs to be made so we can get out of this range we're in.

[KENA]

IWM update: now in a waiting mode

once IWM gives, you know it's real deal.

To be sure we need to break 660. Let me know if i am wrong so i can correct. Thanks

Every short term time frame is bearish. everyone of them take a look here.

Yes..Looks bearish.

[Al_Dente]

Bear internals improve, but not very convincingly (VIX off -4% etc)
This is BEAR SH chart
http://stockcharts.com/h-sc/ui?s=SH&p=5 ... =244660020

[BullBear52x]

break down this wedge line we are surely head to Aug. low bulls last chance.

[headfirst]

"I am seeing chatter (ala Doug Kass) about a rare pattern appearing called Three Peaks and a Domed House. "

Yes, it is a very powerful, yet rare, pattern. I can't speak to whether it appears on SPY or not, but the "right side of the roof" is what is being built on GMCR today.

Like all patterns, adaptation can be required for difficult to trade and/or highly volatile instruments. For GMCR, I am plotting the pattern to complete in weeks, not months, as per patternsite. If the pattern plays out like I think it will, we need to bounce back up to 102-103 in the next couple sessions before we go down the slide.

I trade a lot using Ichimoku Clouds and you may notice that the bots for GMCR also have quite the sense of humour:

http://stockcharts.com/h-sc/ui?s=GMCR&p ... 9280128390

FYI, my first post on this great blog. Your pattern call finally prompted me to join.

[jessyjamz]

newbie here been reading and watching lots, just a comment that this market is a tough one, especially with all the whipsaw action, Cobra et al, do you intraday trade or swing trade action for a day or two?

[tapesense]

ES targets down 1145, 37; over 59 gets 66, over 71 gets 87. Cattle ready to stampede any way they're pointed

[cougar]

IWM update: now in a waiting mode

once IWM gives, you know it's real deal.

To be sure we need to break 660. Let me know if i am wrong so i can correct. Thanks

Every short term time frame is bearish. everyone of them take a look here.

Yes..Looks bearish.

Right! Also, on 60 min, SPX is in a confirmed DOWN mode:

[Cobra]

although SPY holds well but I think QQQ doesn't look good, more likely to breakdown.

[BullTart]

Still keeping my TVIX positions, still fully loaded. Haven't touched it.

Could we visit the bottom channel soon? Maybe... let's see what happens.

*edit: lovely typo on my chart... I meant "two week"

[agnosia]

i went long crude, 83.25 , looking for gap fill 84.45... some reason it is strong today and helping keep the market up

[cougar]

Yes, Cobra...QQQ is very weak...Some people say that nobody wants to buy gadgets any more. Hard to believe!

[Cobra]

Triangle view. I have no idea what the market is doing, need a breakout or breakdown before further blah blah...