10/16/2013 Live Update

[stlwater]

My take: Market up on hopes of defunding or at least delaying Obama-care. When all hope of that is lost, market tanks.

[L_T]

lunch:

salad_png.png

Al that actually made me laugh. Love it.

[Daniel-David]

TLT pushing at fresh HOD (105.30ish)

NYSE advancers near HOD.

[Daniel-David]

A BullBear52 favorite to monitor, $RVX (vix for smallcap RUT), hitting fresh LOD.

5/15 min (intraday) timeframes: SPY is now back above 20 and 50MA in both.

[wayne0708]

Could be a rectangle continuation pattern

[Al_Dente]

relative strength, as compared to spy
XLF, red, stands out

[Daniel-David]

IWM testing HOD, set earlier this AM.

[uempel]

I had not noticed this: long term SPX ellipse shows the significance of today's high at 1721 - a break higher into the close suggests a new paradigm. Why? If SPX shoots higher the ellipse i.e. previous resistance becomes support. In ellipse terms: If SPX jumps up to 1734 or even higher it won't easily correct below 1721 next week and reenter the ellipse - unless it's a bull trap

[wayne0708]

I had not noticed this: long term SPX ellipse shows the significance of today's high at 1721 - a break higher into the close suggests a new paradigm. Why? If SPX shoots higher the ellipse i.e. previous resistance becomes support. In ellipse terms: If SPX jumps up to 1734 or even higher it won't easily correct below 1721 next week and reenter the ellipse - unless it's a bull trap

345.png

If you make the grey eclipse a lil thinner, it prob already penetrated it, just kidding. BTW. nice looking chart

[Daniel-David]

IWM, TLT both pulling back here from short-term resistance levels (prior highs).

[Cobra]

no valid breakdown, it's in a range so now the bias is a little bit on the upside.

[Daniel-David]

Fed beige book sees "modest to moderate" growth. The porridge is not too hot, not too cold. Just right.

[Cobra]

now the bias is down as it's tested the range low many times.

[Al_Dente]

Now that they know their interest will be paid, folks are back to buying bonds today

[uempel]

I had not noticed this: long term SPX ellipse shows the significance of today's high at 1721 - a break higher into the close suggests a new paradigm. Why? If SPX shoots higher the ellipse i.e. previous resistance becomes support. In ellipse terms: If SPX jumps up to 1734 or even higher it won't easily correct below 1721 next week and reenter the ellipse - unless it's a bull trap

345.png

If you make the grey eclipse a lil thinner, it prob already penetrated it, just kidding. BTW. nice looking chart

Wayne, I draw them thin, but then I fatten them so that old men like you can see the ellipses. By the way, I noticed that the new iPhone OS 7 has a feature to make the characters more visible - bold instead of thin. Well that's what I did with that ellipse

[Daniel-David]

SPY below daily VWAP, first time since 10am.

[Cobra]

breakdown indeed. not sure how to measure target. let's use the tinted area first.

[wayne0708]

I had not noticed this: long term SPX ellipse shows the significance of today's high at 1721 - a break higher into the close suggests a new paradigm. Why? If SPX shoots higher the ellipse i.e. previous resistance becomes support. In ellipse terms: If SPX jumps up to 1734 or even higher it won't easily correct below 1721 next week and reenter the ellipse - unless it's a bull trap

345.png

If you make the grey eclipse a lil thinner, it prob already penetrated it, just kidding. BTW. nice looking chart

Wayne, I draw them thin, but then I fatten them so that old men like you can see the ellipses. By the way, I noticed that the new iPhone OS 7 has a feature to make the characters more visible - bold instead of thin. Well that's what I did with that ellipse

thanks for being thoughtful

[kongen]

My take: Market up on hopes of defunding or at least delaying Obama-care. When all hope of that is lost, market tanks.

And this makes me laugh!

[Cobra]

supports.