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Nice chart Cougar, short term and gap up on last Friday really change the over all mood of the market, are they hanging on for dear life or simply a bear trap? I will stick on channeling price action until the dust settled. any time we trades in and out of 5dma I would not expect much on either side but to prepare and in hope I will not miss a break out on either side. sideways consolidation only good for day trading. I'd like to see lower trade than last Thursday's low to say bears mean business, if not, bull will walk all over the bears a little longer. Triangle is coin toss so I am not that exciting to even mention it. a trend change is in the making no doubt.cougar wrote:Here is may daily QQQ. It shows:
- a Gann Fan
- the rounded top defining curve
- a recent “Gann 4 Event” resolved on the upside.
Maybe…a good time to sell front month out of the money options to both bears and bulls? I hope so!Mr. BachNut wrote:So, I looked at Cobra's survey and see that folk's here weigh in fairly bearish.
I checked in on sentiment indexes generally, and they are bullish (often noted as bearish but it takes bulls to make a bull market). OK, so Cobra posters may be contrarian. Fine.
Then, I scanned a variety of weekend expert market calls, and I see a fairly balanced mix of bullish and bearish.
Are others seeing the same sort of thing? Is this some kind of bizarro market equilibrium?
Here is how I really see things, price pays. a break out on either side of the red channel I will adjust to a new set up.Mr. BachNut wrote:So, I looked at Cobra's survey and see that folk's here weigh in fairly bearish.
I checked in on sentiment indexes generally, and they are bullish (often noted as bearish but it takes bulls to make a bull market). OK, so Cobra posters may be contrarian. Fine.
Then, I scanned a variety of weekend expert market calls, and I see a fairly balanced mix of bullish and bearish.
Are others seeing the same sort of thing? Is this some kind of bizarro market equilibrium?
How could you chart a printing machinecougar wrote:Thanx BullBear…Yes, a new trend is coming.
Q: how soon?
Here is a zoom on the DXY Square, where one can consider a support zone between MM 2/8 (~77) and the “square defining” MAW (~76). If it holds, the next move for the US$ should be UP…If not, back to the bottom of the octave…
That's a big ditto!cougar wrote:Al Dente: Nice! I enjoy your work and comments!
Dear cougar, thanks… so, you’re hoping for a flat-ish or small range week…seekingknowledge wrote:That's a big ditto!cougar wrote:Al Dente: Nice! I enjoy your work and comments!
Pennants and symmetrical triangles are very similar in appearance, and it seems the primary difference is in time frame, pennants being the shorter of the two. The current triangle is 11 days long, and that would be a pennant in some people's book. I usually use the symmetrical triangle terminology because it is more descriptive to me. From what I read it is not unusual for volume to decline across this formation. It can break either way, and it can have a false breakout in either direction. So big help there, right? There is a lot of confusion right now, and so a triangle fits the mood. This is what I see. NYUPV is trending down, and yet NYDNV not trending up (I use the 9 day ema, but that is only because I've been using that setting for a couple years and have got used to it's "look"). This tells me that buying interest is waning, but selling interest has not really picked up yet. The three recent 9:1 DNV:UPV days tells me there is some (and sudden) selling interest, but like when you are trying to bring in a big fish, you just don't yank it in all at once, or the line might break! It takes time for big positions to change course without tipping the boat over before getting the chance to bail. How do like the nautical theme? To carry it a bit further, these could be thought of as "shots across the bow", or signs of initial weakness in the trend. Good luck, and may farce be with us.Al_Dente wrote:PAGING Baron von Channeling52x and Rhight:
I could argue that SPY 60min shows a wonky symmetrical triangle, rather than a pennant or a “red light district”. According to Bulkowski, the symmetrical is a bullish coin toss; and volume trends downward 86% of the time with this “pattern.”
SPY may have more room to run, at least to 127.50-ish to take out all the covering, or a breakout above 128 to scare the bejezzus out of the bears, before turning down.
http://stockcharts.com/h-sc/ui?s=SPY&p= ... =248626248