This almost feels like mid-March to me, when it temporarily
bottomed on 3/17, then retested that low the next day. On the
charts last night, Matt showed where the index short term
indicators looked overbought, but there was positive divergence and
good signs on the daily and weekly charts, so I'm looking
for a retest today or this week to put in at least a temporary
base. Also it shakes out the week hands, and I'm sure a lot
of institutions and individuals were hoping for one more pop like
yesterday, so they could sell their RIMM and other stocks for 10+%
more, and they're still selling. By the way
the $VIX is back up retesting the highs of yesterday too, in the
low 30s again.
Well george, this could be wave 3 of 3 of 3, hard to say, but
yesterday's bounce looks like a minor wave 2.
Notice how 60 period stochastics stopped right at 50%! I
always watch for that and of course we'll just have to see how this
ave count plays out, on the flip side, for GDX the 60 period
stochastics got above 50% yesterday afternoon which was a bullish
sign
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Poss Reversal
poss reversal
Posted by george2 on 17th of Sep 2008 at 10:57 am
This almost feels like mid-March to me, when it temporarily bottomed on 3/17, then retested that low the next day. On the charts last night, Matt showed where the index short term indicators looked overbought, but there was positive divergence and good signs on the daily and weekly charts, so I'm looking for a retest today or this week to put in at least a temporary base. Also it shakes out the week hands, and I'm sure a lot of institutions and individuals were hoping for one more pop like yesterday, so they could sell their RIMM and other stocks for 10+% more, and they're still selling. By the way the $VIX is back up retesting the highs of yesterday too, in the low 30s again.
S&P 500 15 min chart.png Well george,
Posted by matt on 17th of Sep 2008 at 11:03 am
Well george, this could be wave 3 of 3 of 3, hard to say, but yesterday's bounce looks like a minor wave 2.
Notice how 60 period stochastics stopped right at 50%! I always watch for that and of course we'll just have to see how this ave count plays out, on the flip side, for GDX the 60 period stochastics got above 50% yesterday afternoon which was a bullish sign