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I don't think it's double bottom here but let's see. on the other hand, it's very rare for bears to have a downtrend day, in most cases, we'll see intraday reversal up.
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To wit: yesterday’s drop in the S&P 500 (SPX) still left the index just 1.76% away from its 52-week (and all-time) high. Despite that, we saw 271 stocks on the NYSE closed at a 52-week low versus just 44 new highs. The net difference of 227 more new lows than new highs represented 7.4% of all stocks traded on the NYSE. If you think that sounds like a lot, you’re right.
Since 1970, the S&P 500 has closed within 2% of its 52-week high on more than 4500 days. This is just the 15th time on such days that the number of net new lows totaled more than 7% of all stocks trading on the NYSE. Loosening the parameters a little to include all days within 3% of a SPX 52-week high, the chart below shows that yesterday was just the 30th time that NYSE net new lows represented more than 7% of all issues traded.
Overnight selling 3x normal. Overnight low makes double bottom with the weekly low. I will write to my kids this weekend and explain that this time is not the same as the last 9 years, the Fed has changed.
Bulls must recover ES 2827 today, the middle of everything for two days. Looking for a retest of the overnight low at ES 2809, probably small bounce then a challenge to 2800. Assuming the market will not just go straight up from that low at 9:15 Eastern time.
INDEXes dailies.. RUT 50d is very close.. possible patterns.. fwiw China Exchanges closed all next week.. perfect time to take them offside.. big dollar move? mind oil/gold.. and indexes?
Golden week, the lunar new year is always a mess for oil. Big hint from the paid site yesterday, teapot refiners in northern coastal China have been importing a lot of US crude, they love our light shale oil. No idea what transit times are from the Gulf, but it has to be long.
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Low to top of the first rotation was 14 points, then 7 points down now this 2nd rotation up looking like 10 points. Still waiting for that 2827 level to show bulls in control. Still waiting on the downside for a serious retest of the low. Patience Grasshopper.
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Sorry, ADX 14 period is relative to my 1500 tick bars, not comparable to 5 minute bars. My bars are running about 1 and a half minutes each this morning.
Getting dizzy watching price bounce off VWAP. This is third time in 30 minutes. Looking like the market is stuck until London/Frankfurt closes in 45 minutes.