It never seems to fail that when I'm traveling (away) the
markets experience large moves (more often to the downside). Last
year, I was away for two days with my son's school trip and that's
when the flash crash hit.
However, this drop was unlike the flash crash as a sell signal
triggered awhile ago and was not sudden at the outset. The SPX
broke initial support at 1330 putting the short term trend on SELL
which never reversed. Needless to say, selling intensified once the
prior lows (1258) and contracting triangle broke to the
downside.
algyros - listen to what I said on this update before departing
to Denver about the importance of SPX 1330. My comments were around
the 4:30 mark of the recording.
I then re-iterated the fact that the short term trend turned
down on my update Thursday July 28th and in the weekend newsletter
on July 31st. In the weekend newsletter, I also clearly pointed out
the next KEY SUPPORT levels and what it would imply if they were
lost.
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It never seems to fail
Posted by steve on 8th of Aug 2011 at 08:15 pm
It never seems to fail that when I'm traveling (away) the markets experience large moves (more often to the downside). Last year, I was away for two days with my son's school trip and that's when the flash crash hit.
However, this drop was unlike the flash crash as a sell signal triggered awhile ago and was not sudden at the outset. The SPX broke initial support at 1330 putting the short term trend on SELL which never reversed. Needless to say, selling intensified once the prior lows (1258) and contracting triangle broke to the downside.
Steve, I may have missed
Posted by algyros on 8th of Aug 2011 at 09:57 pm
Steve, I may have missed it, but could you tell me where you indicated that the short term trend of the SPX was on a sell?
algyros - listen to what
Posted by steve on 8th of Aug 2011 at 10:17 pm
algyros - listen to what I said on this update before departing to Denver about the importance of SPX 1330. My comments were around the 4:30 mark of the recording.
http://breakpointtrades.com/market_analysis/content/intraweek/1294/
I then re-iterated the fact that the short term trend turned down on my update Thursday July 28th and in the weekend newsletter on July 31st. In the weekend newsletter, I also clearly pointed out the next KEY SUPPORT levels and what it would imply if they were lost.