09/30/2011 Intraday Watering

[rhight]

Bears a day like today set your trailing stop let the market take you out if it will so far it doesn't.

I agree, I'm trailing a tight stop on 2 day downtrend, short term bullish divergences could give a pop, and the 60 min cycle is extended. Would probably re-enter short on break of spx 1140, or next minor up trend. A test of the declining 60 min 20 MA will be telling. May break down here though, we'll. Market doing a good job of playing it's cards close to the vest.

[heavenskrow]

tos is STILL down

LOL sue them!

[billow]

Just got my TOC back... damn
Anyway, from 15/30 min and 1 hour of SPY, the down trend was not broken yet.
let's wait and see, very close to up band now.
Will just watch today, damn TOC

Don't think so. I miss my charts at TOC. It stopped me from trading today

SPY 15 mins slow stoch and RSI showing positive divergence.

Yea ! Look likes another push up to 1160 today

We still need Chinese Labour,
We still need US girls,
We still need Banks.
So, let's fight !

[Unique]

cobra can you say your thoughts on apple today ? is it forming a huge rsing wedge ? in the one minute ? thank you ... !

My target is 390 for today, but today's option pinning, we're range bounded.

[Dow Trader]

How about tis pattern

[Cobra]

cobra can you say your thoughts on apple today ? is it forming a huge rsing wedge ? in the one minute ? thank you ... !

the same as the spy chart, cannot breakout decisively, then it's a wedge, otherwise it's ascending triangle.

AAPL daily looks not bad by the way, heavy support area, I won't be surprised it rebounds from here.

[billow]

Interaction of two channel on my chart now.
UP channel, SPY should not break 114
Down channel, SPY should not break 115.5

watching
sorry, should be SPY, not IWM... btw, so far UP channel worked well in last 6 bar. whenever it touched it, rebounce.

[Cobra]

How about tis pattern

that's also possible. so all depend on how the breakout goes. a decisive breakout must be! Otherwise, it'd be wedge aka 3 push up!

[davros]

how ES seems

[rhight]

How about tis pattern

A

A bearish rising wedge or a bullish rounded bottom, take your pick. TRIN at 1.9 may favor a bearish resolution at this point.

[Dow Trader]

This is why ES 1148 is important today

[BullBear52x]

Bears a day like today set your trailing stop let the market take you out if it will so far it doesn't.

I agree, I'm trailing a tight stop on 2 day downtrend, short term bullish divergences could give a pop, and the 60 min cycle is extended. Would probably re-enter short on break of spx 1140, or next minor up trend. A test of the declining 60 min 20 MA will be telling. May break down here though, we'll. Market doing a good job of playing it's cards close to the vest.

I don't like stop order avoid it at all cost, but from time to times it's good vehicle to have. stops what give the brokerage an upper hand, I will not use trailing stop unless I am >10% ahead, I'll take their 7% any day.

[Unique]

cobra can you say your thoughts on apple today ? is it forming a huge rsing wedge ? in the one minute ? thank you ... !

the same as the spy chart, cannot breakout decisively, then it's a wedge, otherwise it's ascending triangle.

AAPL daily looks not bad by the way, heavy support area, I won't be surprised it rebounds from here.

380-382 is the daily area where the support line is.

The downtrend daily drawn from the 404.5 top goes to 381. Uptrend and downtrend intersects at 380-382. Temporary bottom found.

[Petsamo]

Here's some resistance:

[99er]

SPX
Update.
http://99ercharts.blogspot.com/2011/09/spx_9906.html

Expecting selling into the close. The Hamptons, remember?

[AK84]

hi cobra,

what is seasonality for the next week ? and what about monday ?

thanks

[Al_Dente]

How about tis pattern

A

A bearish rising wedge or a bullish rounded bottom, take your pick. TRIN at 1.9 may favor a bearish resolution at this point.

RHIGHT: Yr charts ALWAYS revealing, never a “quick-and-dirty” read
Yest u posted materials/staples chart …… maybe…..brilliant.…not sure …
I had big computer SNAFU yest, came back up, lost yr chart
please re-post materials:staples ratio along w yr comments??

[SB73]

Small caps breaking down first adding to shorts here.

[Dow Trader]

How about tis pattern

that's also possible. so all depend on how the breakout goes. a decisive breakout must be! Otherwise, it'd be wedge aka 3 push up!

I see your point and I agree.
And this my view about today's low:
1- If we went below yesturday's low then we will confirm the 2 day's rule ( price move below the low of 2 day's which is bearish ) and will confirm the Euro and Dax.
2- If we went below yesturday's low today, then it will be 4 legs down which usually a sign of continuation.
So, I think 1148 and 1133 are key level for today and if we closed without breaking any of them today, then Monday will be a big day.

[Cobra]

trend line support, still don't feel bearish unless sharply drop from here. on the other hand, bulls do need a decisive breakout, because apparently the rebound till now is overlap so not a strong rebound so far.