02/02/2015 Live Update

[Al_Dente]

Banks test the double-bottom breakdown
Lower lows are on reduced selling-volume at the moment, which encourages the bulls

[Cobra]

guess bears are over.

[finman66]

Nice P-Bars

bpn.png

uempel, are p-bars frequent on bullish percentage charts ?

[Al_Dente]

AAPL turned down at double top resistance, and now tries again

[Cobra]

15 min chart is clear the previous big green was an exhaustion, so a pullback here might be. I'll cover my short on this pullback. I give up, be bear is just too damn hard.

[Mr. BachNut]

While it looks too funky to call it a H&S, ES does appear to be forming an important neckline.
It was mildly pierced this morning but proved to be a support point.

If bulls are going to get something going and retake control of the market (daily basis), now would be a good time to start.

On the other hand, I think a forth hit of this red line (especially a daily close below it) probably opens up a test of the October low
or more conservatively the big rising trend line.

[Al_Dente]

10 day % performance

[uempel]

To those bulls who want to play the long side for a wee bit longer than a few hours - have a close look at the BPs. They look absolutely lousy

http://stockcharts.com/freecharts/candl ... BPFINA|B|0

[uempel]

While it looks too funky to call it a H&S, ES does appear to be forming an important neckline.
It was mildly pierced this morning but proved to be a support point.

If bulls are going to get something going and retake control of the market (daily basis), now would be a good time to start.

On the other hand, I think a forth hit of this red line (especially a daily close below it) probably opens up a test of the October low
or more conservatively the big rising trend line.

ES Neckline.jpg

BachNut, SPX bounced on the lower boundary of BB20/2 and the MA 200. But If I check the Bullish Percentages, this bounce isn't sustainable in any way.

[gappy]

It's still all about the petrobond and attempts to mitigate strength through a currency trade that is resistant. Look what crude volatility means to the SPX.

Capture.PNG

[Out of Bounds]

Short 200.50

[fehro]

possible minor resistance in this zone.. pos divg on 60m MacD .. with the morning lower low

[Vaamsy]

Short 200.50

Very nice entry looking at 5,15 and 60mins MAs.
Will be interesting if we take down the support now.

[DellGriffith]

its incredibly risky to short a bull market. shorting down at the lower bb is an outstanding way to get wrecked.

[Trades with cats]

We know fundamentals don't count because without Apple earnings season is a bust and most are guiding lower. As a narrative based market all we have seen recently is the ability to stop a major decline. Bullard did the best on the October low, but no other central banker has been able to ignite a major rally. Today appears to have been triggered by an obvious short squeeze in oil that is now over. So what correlated and easily moved asset will they use to keep this push going?

Of course it is the time of year where the annual and quarterly retirement money is now on the books of the professional money managers. But to me these rally's are like the old woman sweeping back the sea. It just sets the stage for the next drop.

[uempel]

Discrepancy between market and Bullish Percentages is quite amazing: Monday February 2nd performance so far is BPNYA -1.90%, BPSPX -3.87%, BPOEX -3.28%, BPCOMPQ -1.22%, BPFINA -1.96%, BPINDU -5.88% and BPNDX is down -5.36%. Are the oil stocks pushing the market higher?

[Out of Bounds]

its incredibly risky to short a bull market. shorting down at the lower bb is an outstanding way to get wrecked.

Yep. It's risky.

[gappy]

Discrepancy between market and Bullish Percentages is quite amazing: Monday February 2nd performance so far is BPNYA -1.90%, BPSPX -3.87%, BPOEX -3.28%, BPCOMPQ -1.22%, BPFINA -1.96%, BPINDU -5.88% and BPNDX is down -5.36%. Are the oil stocks pushing the market higher?

No, the dollar/yen is.

Capture.PNG

[uempel]

Discrepancy between market and Bullish Percentages is quite amazing: Monday February 2nd performance so far is BPNYA -1.90%, BPSPX -3.87%, BPOEX -3.28%, BPCOMPQ -1.22%, BPFINA -1.96%, BPINDU -5.88% and BPNDX is down -5.36%. Are the oil stocks pushing the market higher?

Yeah, it must be the energy stocks.

[silicon_beaver]

covered UVXY 30 here.