Tagged "Down3PlusDays"

Two cents:

1. SPY had a biggest red bar recently plus volume surge so it could be an exhaustion bar. Plus now NYMO now is extremely oversold, which is among a very few signals that cannot be argued.

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THE BOTTOM LINE, THE SHORT-TERM TREND IS DOWN.

The low today broke the blue trend line of the evil plan I posted in the last night’s Market Outlook implying no weakness in selling. [Read the Rest]

THE SHORT-TERM EVIL PLAN:

The adjust point I mentioned in the yesterday’s report was not broken today but the touch is enough to imply no weakness in selling (not as strong conviction as the break below but still 60 to 40). [Read the Rest]

THE BOTTOM LINE, THE SHORT-TERM TREND IS DOWN.

The low today touched the blue trend line of the evil plan I posted in the last night’s Market Outlook. [Read the Rest]

Four cents:

1. More down ahead.
2. A rebound of some kind is due.
3. Not sure rebound first or continue down first. Rebound first is sell (I don’t mean you should sell the Monday rebound of course, need wait and see), while continue down is buy with higher risk as now both short-term and intermediate-term are down.

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THE EVIL PLAN:

My guess is the market will keep going up tomorrow. The chart below explained why. The pullback today looks already 2 legged but so far no damage done on bulls, so it’s a weak pullback which usually means it’s a 2 legged pullback, therefore the pullback might be over, the market would continue north tomorrow. [Read the Rest]

Two cents:

1. Most likely the selling isn’t over. So no lower low, simply keeps bouncing tomorrow, it’s a sell opportunity. I don’t mean you should sell tomorrow of course, will have to wait and see.

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The bottom line, there WERE 84% chances SPX would close in green tomorrow because we had 2 consecutive Major Distribution Days. [Read the Rest]

Three cents:

1. The selling might not over yet.
2. Should see a rebound as early as tomorrow.
3. What I’m not sure is whether we see rebound first or more down before rebound.

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The bottom line, there WERE 74% chances SPX would close in green tomorrow.

Despite of an ugly close, I certainly don’t expect another gap down open tomorrow because we had 5 consecutive gap down opens already. [Read the Rest]

Three cents:

1. Will see at least another new high.
2. Will see SPX lower close ahead.
3. If another red day tomorrow, most likely it’s a buy opportunity.

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Three cents:

1. Might be more down ahead in the short-term.
2. Chances are little bit higher we’ll see a rebound tomorrow, SPY target $140.01.

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Four cents:

1. Should see lower low ahead, so if rebound tomorrow without a lower low first then it’s a sell opportunity.

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SHORT-TERM: IN WAIT AND SEE MODE

As mentioned in today’s Trading Signals, I have no conclusion today, because on one hand, odds are high SPX 4 consecutive red days means a bottom, but on the other hand, odds are also high, a Bearish Reversal Bar formed today could mean more selling ahead. [Read the Rest]