The 2nd bearish reversal day, need a follow-through tomorrow to confirm.
Could be a Head and Shoulders Top formed on SPY/QQQQ 15 min chart.
|Trend||Momentum||Comments - Sample for using the trend table.|
|Long-term||Down||Idea for trading intermediate-term under primary down trend.|
Not much to say, I see no edges for either bulls or bears tomorrow, so my guess is that if tomorrow cannot go up then it should go down. LOL
0.0.2 SPY Short-term Trading Signals, today is the 2nd bearish reversal day since May. The daily chart looks bearish, but since the market’s invincible bullishness has caused a mental damage to me, I’m really not sure if this or any reversal pattern says anything meaningful. Well, at least the day after the 1st bearish reversal day was up really really big. So it’s definitely not the time for bears to celebrate, at least not until a follow-through tomorrow kicks in.
1.3.7 Russell 3000 Dominant Price-Volume Relationships, 1066 stocks price down volume up, not very significant readings but a little bit “bear friendly” which may mean a pullback just started.
3.1.1 PowerShares DB US Dollar Index Bullish Fund (UUP 30 min), RSI oversold on 30 min chart seems accurate recently, so US$ may rebound tomorrow, this is also a little bit “bear friendly”.
By the way, 7.0.7 SPX and VIX Divergence Watch, no higher high on SPX but a lower low is formed on VIX daily chart, this is a divergence, but I’m not sure whether this kind of divergence should be counted as negative or positive.
P.S. Thanks to the referring from VIX and More, the visits to my blog hit new high yesterday. I want to say thanks to him here again and please pay visit to VIX and More, I’m sure you will find lots of valuable posts there. Also I want you to know that in chart 0.0.3 SPX Intermediate-term Trading Signals, the VIX:VXV indicator is originated from VIX and More.