cletus wrote:12 EST has passed and we're at a cyclical turn. Beware of a potential drop here at any time. The next cycle terminates towards the close.
Volume is VERY weak on this rally at this point.
spy volume or futures? remember there is a contract switch so volume is distributed over both contracts..
SPY volume. However, could just be the lunch hour break on the east coast. I still see ChiOsc as extreme right now on SPY 60. At least a pullback should come, a right shoulder in an inverted head & shoulders?
FYI..The NYSEBP and most other technicles added more"0" yesterday.The World %BP also turned to "0".This was the last hold out and now all Point & Figure charts of the Dorsey Wright are all sell mode.This indicates we will go lower in this down trend.It takes 6-8 points up to change the trend which is a laging indicator.I am with Uemple that the mkt could go green to 1320 area after breaking 1293.59.It will take more then this up move to change the trend.Don't get caught and good trading.I may be back long later today. Lets see.
OK, I see pullback here. could be 2 legged down as I see 3 legged up already.
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cletus wrote:
SPY volume. However, could just be the lunch hour break on the east coast. I still see ChiOsc as extreme right now on SPY 60. At least a pullback should come, a right shoulder in an inverted head & shoulders?
ah ok...yeah usually the volume is pretty dismal during the lunch hour here on the east coast.. but today is very very humid so imagine most people will eat at their desks in the AC RSI is still not overbought on the hourly yet.
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Anyone follow me into the short UNG trade? My puts are up 37% so far. I have no intention of selling but the selling is getting kind of intense. The mini turn on nat gas comes early next week. Maybe a short term bottom there.
cougar wrote:I did cletus! Thanx! Out already...too soon?
Cool. You are out? Not a bad place around UNG 11.91, some support there, but in reality the cycle down is just starting. I'm holding a bit longer, at least a few days. I could see UNG recovering by the end of the day because this drop is pretty extreme.