03/10/2011 Intraday Watering

[99er]

Zero Hedge:

Keep a very close eye out on the 55 DMA. As John Noyce pointed out over the weekend, this is the most important support level for the S&P, which has been above the 55 DMA for about 132 consecutive days. Should this be taken out, and we are about 1 point away from it, the freefall below it (at least for those who believe technical analysis) will make a few heads spin. Next support: 1,174.

[Me XMan]

Do or die for bulls here.

Where's UNCLE BENNY

[BullBear52x]

Gap play, as Cobra has mentioned every morning. like today gap below yesterday's low it's hard to fill but if it does fill we have a turn around sort of rebound. Today is a little more than that we had a gap lower than last week's low. this is very bearish. Another observation is that we have a daily MACD histrogram gap reversal today, I will not get indetail on that but the implication could be at least couple more down days or sideways at best.

[99er]

*

[TheGift]

Just quick FYI...SPY goes Div 3/18/11...I would guess that bids come in close to that date or on for sure

[simpletrader]

1174?

Zero Hedge:

Keep a very close eye out on the 55 DMA. As John Noyce pointed out over the weekend, this is the most important support level for the S&P, which has been above the 55 DMA for about 132 consecutive days. Should this be taken out, and we are about 1 point away from it, the freefall below it (at least for those who believe technical analysis) will make a few heads spin. Next support: 1,174.

[simpletrade]

Long IWM call, POT, for a quick bounce.

[99er]

simpletrader--

http://www.zerohedge.com/article/critic ... -taken-out

[uempel]

For intraday SPX I'm following these two charts and enjoying DT games. But I'll only buy a more serious long postition when bullish percentages stop at support on BPSPX chart (not shown here).

[uempel]

1174?

Zero Hedge:

Keep a very close eye out on the 55 DMA. As John Noyce pointed out over the weekend, this is the most important support level for the S&P, which has been above the 55 DMA for about 132 consecutive days. Should this be taken out, and we are about 1 point away from it, the freefall below it (at least for those who believe technical analysis) will make a few heads spin. Next support: 1,174.

I agree.

[99er]

You think?

(Reuters) - Stocks fell sharply on Thursday with all three major indexes breaking through their 50-day moving averages in a sign of waning upward momentum as concerns over the economy weighed.

[uempel]

SPX DMA 55 at 1297.

http://stockcharts.com/h-sc/ui?s=$SPX&p ... =207604436

[Cobra]

2 legged rebound to EMA20, L2 at EMA20 usually is a short, I'm not sure because still not at EMA20 yet.

[Cobra]

Could be a little double bottom here, target as shown on the chart. Again, if we have a sharp reversal today, then I really don't know what can bring down this market.

[Cobra]

L2 short triggered, good luck bears.

[99er]

SPX
Update.
http://99ercharts.blogspot.com/2011/03/spx_10.html

[alvian33]

a bit confusing cobra, you said double bottom, then short l2 triggered, which one has a better pronb?

[99er]

uempel-- Thanks for showing how Andrew's Pitchforks are supposed to work Really appreciate it!

[Travelfrog]

SPX Looks like we may backtest 1304 and hopefully fail there.

5min chart Upper Bollinger 1305

[Cobra]

Too bad, 5 tick failure, now let's see L3 at EMA20.