08/22/2013 Live Update

[kongen]

Thanks to Cletus for reminding us of the proper way to look at VIX.

[TraderGirl]

Q's...still has this little 5 wave structure that needs to play out...so small pullback possible here...

[fehro]

SPX 50 day.. 1658.88 bull want a close above it.

[kongen]

Bachnut, since you are in a confessional mode, I have long wondered if you listen to Bach while you trade. (I do)

[Cobra]

well, guess that's it for today. Indeed Thursday is generally bullish. and members know why shame on me, once again, the FOMC drama plays out, I don't know what to say. maybe trading cannot be all technical. anyway, thank you guys, I'll see you tomorrow.

before the close, please take a little time to vote for me, thanks. http://stockcharts.com/public/1684859/tenpp

[fehro]

another huge vol bar on SPX 60m

[Out of Bounds]

Holding short. May close in extended market but I think I'll get a better price tomorrow.

[TraderGirl]

Q's

[Mr. BachNut]

Bachnut, since you are in a confessional mode, I have long wondered if you listen to Bach while you trade. (I do)

No. Absolute quiet. Helps to manage ADD...

I play a lot of Bach on my instrument though when I step away from the desk.

[BullBear52x]

Q's

Cool

and this looks like 4 just end? going to 5 tomorrow?

[stlwater]

Additionally I forgot to post an additional chart showing where we are in the big picture. Corn futures are testing horizontal resistance turned support from 2006 as well as a rising trendline going back to 2005 (light blue). I'm sorry I did clean it up but I don't want to mess with my work. I see a target of around 545 with a second leg up which could fill the gap and test the broken trendline right around the 200DMA.

Anyone trading Corn? Corn update (drought could be the instigator to a trend-reversal). Corn has made a double bottom followed by a 1-2-3 reversal (hourly) and is now testing the bottom of it's Raff Reg Channel and 200MA hourly.

The CoT shows bullish potential. Commercials quite long and specs short.

The attachment Corn C_OPT.png is no longer available

[KeiZai]

Looking at the SPY it looks like non-event day big resi still ahead, in the bigger picture there is nothing to celebrate as of yet...key day tomorrow?

[TWT]

$SPX: Despite a doubtful bottom (ABC) a countertrend bounce is most likely in progress

[TWT]

$ES_F (Globex): I maintain a bullish bias if above 1641

[TWT]

$DAX: Price could be forming a Triangle wave (4) off the June low