05/05/2011 Intraday Watering

[Cobra]

maintain the resistance aka target at red line plus red moving average. a red close again today would not be bad for BULLs because 4 consecutive SPX red WAS buy.

[uempel]

more rebound, the pullback shall fail. we'll see.

Looks as though my hourly chart will soon give a sell signal...

[Cobra]

support.

[Cobra]

H2 long trigged, let's see if at least the high could be retested?

[99er]

SPX
Looks like a right shoulder is starting to complete...
http://99ercharts.blogspot.com/2011/05/spx_3722.html
Will prices break the neckline?

[cletus]

SPX
Looks like a right shoulder is starting to complete...
http://99ercharts.blogspot.com/2011/05/spx_3722.html
Will prices break the neckline?

No. the breakdown this morning was a headfake and the market will rally from here. Not an optional scenario.

[StrikePrice]

SPX
Looks like a right shoulder is starting to complete...
http://99ercharts.blogspot.com/2011/05/spx_3722.html
Will prices break the neckline?

No. the breakdown this morning was a headfake and the market will rally from here. Not an optional scenario.

I agree...looking like a bear trap...Cobra says Friday is bullish and I'm inclined to think we could be up big tomorrow on even a tiny beat for jobs report.

[Cobra]

a little bit better support here. lunch time, will be BACC!

[soku]

have i yelled down down down? i did? lol we may see some support around 1338
btw cobra, i just did a count. 26 users and 125 "guests". wow how can u live with it?

[Mr. T]

The VIX is now unchanged = and yet the DOW and S&P are down......


Up Up, and away!!!!!!

[uempel]

Hourly SPX is showing a sell signal. Sell signals on this chart are less reliable than the buy signals, approx 65% correct:

[silverharp]

Looking at the Dow today, but good fib support here

[99er]

SPX
So how do you spell "Divergence"?
http://99ercharts.blogspot.com/2011/05/spx_1651.html
Negative divergence?

[soku]

well i heard some rumor in person. a firm i am familiar with may get margin call on cl.
any suggestion how to benefit from it?

not sure if anybody hear me, front month cl just break 100 mark
yo, mr t, long live the bears!

[uempel]

SPX
So how do you spell "Divergence"?
http://99ercharts.blogspot.com/2011/05/spx_1651.html
Negative divergence?

D'ont agree with you dear friend. I don't think you can apply divergence like that. If you look at the hist on your chart which is popping up over the 0 line I see a bullish signal...

[Cobra]

btw cobra, i just did a count. 26 users and 125 "guests". wow how can u live with it?

that only means the market is far from a bottom. Anytime you see a new online record, then it probably is the time for bottom fishing.

[99er]

uempel:

The MACD histogram is indeed popping up above the zero line but I expect it to meet resistance at the downward sloping trend line; this then allows for a "quadruple" negative divergence. Bearish.

[Cobra]

good. I hope this rebound is for real.

[FJoe]

Kind of like catching a falling knife to buy SLV, but the knife has already fell pretty far. Thoughts on buying SLV here...problem this is really the first day the $DXY has really moved and if it moves higher SLV will likely get hurt more.

Just looking for a bounce...the real buy would be after a double test of a bottom (whenever that comes).

[Cobra]

Measured move. so far the rebound is corrective in nature (strictly speaking). personally I need more evidences to call the rebound is "corrective" in nature.