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Double Bottom or not, let's wait and see.

members only update starts here: http://www.cobrasmarketview.com/2013/08 ... ay-update/

SPX 60m two charts.

Anyone taking a position at the open?

jademann wrote:Anyone taking a position at the open?

Yes, head firmly between my legs to KMA goodbye...

jademann wrote:Anyone taking a position at the open?

I think I will sit this one out. I don't want to guess all day.

Meat grinder right now. Yep - sidelines.

thinking of buying XIV at 23.5 if it gets there..

SPX at trendline support for now...

2nd test of day low, let's see if bulls could make a higher low.

100% MM? Or H&S Bottom? wait.

As others have observed, potential TL support at today's low.

Short. Room to add if there is a rally.
Long was closed at a loss.

My summation index signal is neutral.
My composite trend indicator signal is down.

Long got stopped out, and a trend sell setup triggered yesterday.
For me the trend is confirmed down, but there are some technical issues for bears.
1) We are at rising bottoms support from the November low. (See TG chart.)
2) A high TRIN day like yesterday often appears near a low.
3) I have NYMO in an up cycle with positive divergence.
4) The oversold bounce we had last week was too weak (SPX and Dow) violating the "No easy for bears." principle.

So, while trend is down with a lot of corroborating technicals, there is still a case for some kind of test to weed out the weak paws.
If I were an Elliott Waver, I would be pondering some kind of X wave in the days ahead to progress a double zig zag kind of thing.

not a valid breakout yet. wait.

Still think the mkt will continue dn to test the June low of 1553 before the next rally up to test the hi..For now the mkt may be green until next week so watch your shorts..Lets see what happens.

not a strong breakout, so I'd rather believe it's just MM and about to end.

possible minor bearish rising wedge... SPX 5m

Mr. BachNut wrote:Short. Room to add if there is a rally.
Long was closed at a loss.

My summation index signal is neutral.
My composite trend indicator signal is down.

Long got stopped out, and a trend sell setup triggered yesterday.
For me the trend is confirmed down, but there are some technical issues for bears.
1) We are at rising bottoms support from the November low. (See TG chart.)
2) A high TRIN day like yesterday often appears near a low.
3) I have NYMO in an up cycle with positive divergence.
4) The oversold bounce we had last week was too weak (SPX and Dow) violating the "No easy for bears." principle.

So, while trend is down with a lot of corroborating technicals, there is still a case for some kind of test to weed out the weak paws.
If I were an Elliott Waver, I would be pondering some kind of X wave in the days ahead to progress a double zig zag kind of thing.

I also look at the weekly for hints at direction. There is a rolling over of MACD and ADX weakening but overall weekly doesn't look like bear nirvana yet.

jademann wrote:thinking of buying XIV at 23.5 if it gets there..

I think it will get there. I'm waiting for 17.