05/04/2011 Intraday Watering

[agnosia]

my next support is /es 1330-32. the 20 SMA on the daily and the down sloping neckline.. bleacher time.

[99er]

ES
Approaching critical level here.
http://99ercharts.blogspot.com/2011/05/es_7224.html
To bounce or not to bounce?

[Cobra]

still defending the previous low but I'm not optimistic about bulls here as the selling appears broad based. Close right here today, then chances are good that there'd be more pullback ahead. so bulls need a sharp rebound somewhere before the close.

[BullBear52x]

EW guys will be back on their drawing board, the thinking of Bullish year end is at a shaking ground, Trend trading baby, price pay!

[silverharp]

at the last low Dow futures and KBW bank ETF held above low.

[uempel]

still defending the previous low but I'm not optimistic about bulls here as the selling appears broad based. Close right here today, then chances are good that there'd be more pullback ahead. so bulls need a sharp rebound somewhere before the close.

I agree.

[BullBear52x]

We are at exactly 50% fib fan support, if Bulls managed to break up 135 spy. there is hope of side ways to up from here. trding under 134.67 bears are marching on.

[agnosia]

if we get the usual reversion to the mean bot trade my calculations will put us at a /es 1344 close. doesn't feel that way but ema 10/20 on the 5min just flattened and have become support.

[Cobra]

a little trend line resistance here. let's see. bulls don't want to see the retest of the day low because if so chances are high that low won't hold anymore.

[agnosia]

long gold 1508. stop below 1505.

[BullBear52x]

if we will have a run up from here check out INTC SMH TYH tech stuff and TNA.

well, just for the quicky since we are on Swing Low. sell the rally is the main game.

[uempel]

The low Fibonacci Fan held:

[agnosia]

looks like the normal reversion bot mean trade. /es 1344 target hit. what a surprise...

[agnosia]

not sure what's next. we could hit the 10ema on the hourly @ 1345.50.. cobra, do you think that was a bottom?

[cletus]

There is no question the market will rebound from here. The Fed has told you exactly where it was taking this pullback and where it will rebound to.

[FJoe]

There is no question the market will rebound from here. The Fed has told you exactly where it was taking this pullback and where it will rebound to.

Cletus,

Can you elaborate with targets for the slow guys like me. Also, Vix seems weak for the selloff today.

Thanks

[BullBear52x]

What???? diverge already? LOL

[BullBear52x]

Look at RSI this is so lame.

[noidea]

There is no question the market will rebound from here. The Fed has told you exactly where it was taking this pullback and where it will rebound to.

cletus,

as you suggested last week i held tight to my shorts, and today see the laight again!!

unloaded half of my position and waiting for the rest.... where do you see the bounce ??
thanks

[99er]

ES
Making a second run at that possible neckline...
http://99ercharts.blogspot.com/2011/05/es_1152.html
Scratch that. First, a re-test of the neckline aboe.