08/21/2012 Live Update

[rc1269]

what do u call this thing?
Is it an outside reversal or an engulfing thingie or what???

on the SPX, strictly speaking, nothing. on the NAZ we got an engulfing line. nothing on the DOW. AAPL got a dark cloud cover just a few days after a shooting star - not good. at least for the near term.

[Al_Dente]

what do u call this thing?
Is it an outside reversal or an engulfing thingie or what???

on the SPX, strictly speaking, nothing. on the NAZ we got an engulfing line. nothing on the DOW. AAPL got a dark cloud cover just a few days after a shooting star - not good. at least for the near term.

THANKS

[rc1269]

what do u call this thing?
Is it an outside reversal or an engulfing thingie or what???

on the SPX, strictly speaking, nothing. on the NAZ we got an engulfing line. nothing on the DOW. AAPL got a dark cloud cover just a few days after a shooting star - not good. at least for the near term.

THANKS

but just to be clear, Al, even though the DOW and SPX didn't strictly meet the definition of enguling patterns I would still treat them as such. to be an EL, by the definition, it must be a long black that engulfs a smaller white. however, since yesterday both the Dow and the SPX were not up on the day, they did not post white candles and therefore cannot form an ensuing EL pattern. however, given that the NAZ did and the fact that had either the Dow or SPX posted a close even just slightly higher would have procuded one, i'd treat the situation accordingly.

[TradingJackal]

ES looks like it is ready to go down. Need a confirmation with a lower low. I believe somewhere lower than 1408 should be a good confirmation quite a few handles to the downside. The night is young!