07/13/2011 Intraday Watering

[Cobra]

hopefully this is a Symmetrical Triangle in the forming. cannot believe there's only one push up. Come on, it's QE3 we're talking.

[agnosia]

I just did a little research on volume.Notice the volume on the last 6 day up and today is very low compared to the 3 dn days we had.Investers just are not buying this up move. Nuff said.

also /es liquidity is running very low... a lot of people are not in the market right now due to headline risks i guess. DOM has 1K offer/bids, very low this past week or so.

[Cobra]

ok, I hope it's a bull flag now. cannot believe what I see here.

[BullBear52x]

I am expecting to see new recent low, or bye bye bears. I'll be in the bulls camp.

[KENA]

I am expecting to see new recent low, or bye bye bears. I'll be in the bulls camp.

You may be right..1328 and under favor the bears. Wait and see.

[uempel]

I'm not trading, as I don't know what's going to happen. Expiry is on Friday. There might be a sideways move here, I don't know. Bye guys, I'm tired

[BullBear52x]

My liquidity watch. DBV, QE3? show me the money.

[cheech]

So sad for bulls. Just looks like a common bear flag which measures to 129 SPY or so. It shell be a disappointment to those again who thought they caught a bottom if true.

[agnosia]

ok, I hope it's a bull flag now. cannot believe what I see here.

yep. might try a long at 1321.5 if i see buyers come in.

[cougar]

selling pressure is getting higher. be warn bulls out there.

Interesting...How do you detect that?

[rhight]

OK, I now ya'll really love these long term charts, but it helps to put a perspective on the box we've been in this year. A long term triangle that price is currently contending with:

Down trend resistance now at 1358.
Up trend support now at 1279.

Last August's Bear Trap coincided with Ben's famous QE2 speech. They are certainly aware of the proximity of the up trend line, and meddle as they must with the "free" market, who knows what to expect? Trading a fundamentally driven free market would certainly be easier.

[cheech]

OK, I now ya'll really love these long term charts, but it helps to put a perspective on the box we've been in this year. A long term triangle that price is currently contending with:

Down trend resistance now at 1358.
Up trend support now at 1279.

Last August's Bear Trap coincided with Ben's famous QE2 speech. They are certainly aware of the proximity of the up trend line, and meddle as they must with the "free" market, who knows what to expect? Trading a fundamentally driven free market would certainly be easier.

"Trading a fundamentally driven market" is impossible. All "fundamentals" are backward looking and hence are priced in as soon as they come out. Therefore, there is only technical trading. People who trade on fundamentals are essentially looking forward to earnings or events that have not taken place yet (speculation) so in that sense they are just guessing and not really trading on true fundamentals.

[BullBear52x]

few combinations of Vix (Vxn, Vxd) + TICK and TICKQ+ RSI of major indexes.

selling pressure is getting higher. be warn bulls out there.

Interesting...How do you detect that?

[StrikePrice]

ok, I hope it's a bull flag now. cannot believe what I see here.

Cobra,

Why don't you consider the Gap Up a push Up?

Then wouldn't we have had the 2 pushes up and now we get 3 pushes down? Thoughts?

[luckystar2006]

To begin with, today's rally does not have any support from elements in medium-term as well as short-term. Therefore, it might just be a short-lived one. However, at this moment of writing I don't see any signal to short this market yet (i.e. for short-term play).

[biotrader]

So sad for bulls. Just looks like a common bear flag which measures to 129 SPY or so. It shell be a disappointment to those again who thought they caught a bottom if true.

Cheech, you need more than one point to draw a trend line (your lower trend line)

[uempel]

This does not look bullish for the very short term... Bye guys, I'm definitely off now.

[agnosia]

hmm.. more headline risk. i am staying out ...

"Fitch downgrades Greece to CCC"

euro slumping.

[BullBear52x]

If bears is live and well, this little flag of fast and furious move is in the making and should play out today, TODAY!

[Dow Trader]

ok, I hope it's a bull flag now. cannot believe what I see here.

I am not trading today but based on your 5 minutes chart I think they are building a trading range between the high and 1327 until the last hour, but if we go below 1323 then it will be rare