08/08/2014 Live Update

[Al_Dente]

60min juice, swing-term chart
Elsewhere, on the daily: Yesterday’s daily candle was an “Outside Day” which Bulkowski calls a continuation pattern (bear)… “wait for price to either close above the top or below the bottom of the pattern before taking a [new] position.” Right now it’s neither.

[gappy]

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[ALdaytrade]

Before the mkt turns up for a short rally into the 1930's ballpark it may want to go down to the premkt low of 189.61 and test it again. Lets see

Yes, this is what I am thinking as well, just entered a short position.

[gappy]

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[Junior Buffett]

Before the mkt turns up for a short rally into the 1930's ballpark it may want to go down to the premkt low of 189.61 and test it again. Lets see

Yes, this is what I am thinking as well, just entered a short position.

The way VIX behaving, it is unlikely that this rally will sustain...

[MrMiyagi]

iwm

[Junior Buffett]

Before the mkt turns up for a short rally into the 1930's ballpark it may want to go down to the premkt low of 189.61 and test it again. Lets see

Yes, this is what I am thinking as well, just entered a short position.

The way VIX behaving, it is unlikely that this rally will sustain...

US airstrike on Iraq areas and market going up..

[MrMiyagi]

US airstrike on Iraq areas and market going up..

I haven't read all the posts today here, main reason for today's green is Russia is talking about de-escalating tensions in Ukraine.
Bombing rubble and IsGaz fighting... no one really cares about that today.

[uempel]

Same 1 min chart as before ... Bye guys, I'm off

[Cobra]

members only update at 11:55 am
http://www.cobrasmarketview.com/2014/08 ... ay-update/

[Al_Dente]

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TRIN
nice one boss, thanks

[gappy]

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TRIN
nice one boss, thanks

Welcome you are. Sharpcharts Voyeur grab. http://stockcharts.com/freecharts/voyeur.html

[MrMiyagi]

spy

[Cobra]

ascending triangle, hopefully.

[Daniel]

Mr. Miyagi-

Phantom bar transaction at 111.15 IWM. Just saw it on a Schwab watchlist, lasted about ten seconds, then price reverted to current ca. 112. Didn't see it on a chart, but on a streaming ETF watchlist board...

[Mr. BachNut]

If we rally and the 1900 line and even the overnight low don't get tested, it will be unfinished business for the future.

Clarification - I mean tested during the open session.

Is this always the case with the S&P to go back to the low or high of the future price over night?

Nothing is always. Don't have stats. Just an anecdotal tendency not unlike the notion that many price gaps have a tendency to close eventually.
Price goes to where trade will happen.

Last night's low though is worth highlighting in this regard because it reached some significant technical price support levels.
I showed a support zone in yesterday's chart (shown again below) which was nicely tagged and held after hours.
So, we have an important test of support that has not been validated by trade in the more liquid open session.
Testing support in the open session is not required (Mr. Market can do what he wants), but I can't check the box and say done either.
It's a definite maybe, yet a circle back to finish the test would not be a surprise.

[gappy]

CURRENCIES: Dollar Falls Against Yen, Euro Amid Iraq Airstrikes

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Good for gold.

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[MrMiyagi]

spy

[Cobra]

double top instead of ascending triangle. not sure about target yet.

[Al_Dente]