07/23/2012 Live Update

[EvilTrader]

This consolidation here can not be good for bulls ? No?

Some kind of rebound, but a least a 2 legged down move, right cobra ?

[Cobra]

this is what I mean, bulls need make a double bottom.

[heavenskrow]

dollar at resistance and es at short term support for now

[fehro]

trendlines daily

[Harapa]

Bull or Bear: beware of trend lines. Also keep an eye on DAX.

[heavenskrow]

found a new parallel channel on tvix

[fehro]

SPX 50 SMA day 1332ish
SPX 200 SMA day 1314ish target? before we bounce for a couple of days?

[Cobra]

text book target.

[fehro]

highly speculative.. shorter term ugliness... bounce to 1350ish?.. right shoulder? measured target 1305ish if it plays out.

[knock]

can 135.78 be reached today?

[Cobra]

target reached. OR high as resistance. let's see.

[Mr. BachNut]

A little short.
Apparently not short enough!
Friday was weak, but I still had mixed signals.
My Summation Index signal was saying short, and my composite technical signal was saying long (after a whipsaw from short earlier last week ).
Today was expected to be weak (at least at the open) as OPEX tends to have a little follow through, but this morning is considerably more severe than expected.
If the carnage continues my technical signal will whipsaw again.

It is hard to short more here unless things completely unravel. A few comments looking at the ES chart:
Friday closed at minor rising bottoms support.
Today has broken a bigger rising bottoms trend, but it will be important to see where things close. The jackals are busy cleaning out the stops intraday.
There is a light blue moderate sloping trend line (which excludes the early June downdraft) that may apply soon as well.
If the market decides to crash, we'll roll with that, but my strong preference would be to see some consolidation/rebound (ideally a retest of the high) before starting a more graduated downtrend in earnest.

One bearish note though. The Russell has broken below the 200 day moving average. As it was below there back in June, this break could be considered a failed test. The canary in the coal mine does not look well...

[heavenskrow]

can 135.78 be reached today?

[Mr. BachNut]

One more thing. I believe Apple reports tomorrow.
They are still a big gorilla in the indexes.
So, there a good chance they'll move the needle one way or another.
Being short an oversold market heading into Apple earnings...hmmm...
there ought to be some short covering between now and then.

[Al_Dente]

PAGING KENA
According to yr dome theory: If that 1 min dome target was ~134.50 (using the orange MA as the dome structure)
And we blew right thru that
Is the dome now dead, or does it have further implications to continue to the base of the larger dome near 132.50 ??
THANKS

[TraderJoe]

One more thing. I believe Apple reports tomorrow.
They are still a big gorilla in the indexes.
So, there a good chance they'll move the needle one way or another.
Being short an oversold market heading into Apple earnings...hmmm...
there ought to be some short covering between now and then.

It is almost a given that Apple earnings will exceed, they have always given guidelines far less than really expected.

[fehro]

VIX daily.

[Mr. T]

Miyagi!!!!

I figured out how this works........ turbo button for jumping cop cars and grand canyons.

But the other button.... the remote detonator....... well, you know what that one is for.

[BullBear52x]

Paging BullBear: June 12 eh?

Your vol indicators are awesome!

it just a rock paper and scissors chart from a peanut gallery

[dr659]

Double bottom a success? Now this consolidation is good for bulls?