US Dollar continues higher while ES (SPX) continues to move
lower after losing its primary pivot. Next support recent lows
around 1407 then around 1404 (S1)
Doesn't look too good at this point: bonds have reversed by
almost a point, and VIX reversed more than a hundred points, all
the index futures are down...of course it could turn on a dime, but
it is pretty shaky right now...
That is all true. If I were to try and argue the other
side I would say something that concerned me today on the gap
higher was there was really no positive divergence on the 30-60 min
charts where this recent drop started to put that in place.
Divergence itself isn't a signal but was something I was looking
for.
Edit...attached chart. 5 min does look like it wants lower.
Thanks Tom...in this crazy market I'm ready for anything (e.g. a
complete reversal into the close), but at this point it seems like
lower to me too. A negative earnings suprise by AAPL is a big
risk even though it has already lost $100 over the last few
weeks--it could still go more...or not...
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US Dollar continues higher while
Posted by steve on 25th of Oct 2012 at 11:31 am
US Dollar continues higher while ES (SPX) continues to move lower after losing its primary pivot. Next support recent lows around 1407 then around 1404 (S1)
Title: Tape action Doesn't look too
Posted by sanrafael on 25th of Oct 2012 at 11:55 am
Doesn't look too good at this point: bonds have reversed by almost a point, and VIX reversed more than a hundred points, all the index futures are down...of course it could turn on a dime, but it is pretty shaky right now...
That is all true. If
Posted by tom on 25th of Oct 2012 at 12:10 pm
That is all true. If I were to try and argue the other side I would say something that concerned me today on the gap higher was there was really no positive divergence on the 30-60 min charts where this recent drop started to put that in place. Divergence itself isn't a signal but was something I was looking for.
Edit...attached chart. 5 min does look like it wants lower.
Title: Great technical perspective... Thanks Tom...in
Posted by sanrafael on 25th of Oct 2012 at 12:22 pm
Thanks Tom...in this crazy market I'm ready for anything (e.g. a complete reversal into the close), but at this point it seems like lower to me too. A negative earnings suprise by AAPL is a big risk even though it has already lost $100 over the last few weeks--it could still go more...or not...