NV, on the major averages there are some things that point to a possible revival, as well as some sentiment indicators, not as clear as other turning points, but the turning points in the last month and a half have been quite sneaky -g-
one tenet of candlestick charting is a tall white volume candle as support, we have found support on the dow at the bottom of the tall white volume candle of 4/18, that is after a day when the nyse had 80% down volume and the nas had 90% down volume, you can apply the tall white candle as support to the spx, also got those -1000 ticks on both indexes.
stockcharts.com[l,a]daclyimy[pb50!b200!a10250][vc60][iUb14!La12,26,9]
here is a link provided by les
clearstation.com
these jive with my own wave counts, but it's too close to call on the five minute chart to say we have more weakness in the next several sessions to make a new low or not, which i have been looking for.
Finally sentiment, while as of monday last week most traders had put in the bank the summer rally, now i read all over the threads, people are short or 100% cash, lucretious is venturing on to other threads -g-, plus rydex while not showing capitulation levels is quite oversold with a large cash component, would like to see more bump in the bear funds and more weakness in the bull funds, but in a trading range, you may not get the kind of capitulation #'s of april.
bulls make money, bears make money, pigs get slaughtered,
i believe the bears short now are being pigs after a pretty quick 1000 point drop in dow, now of course we have some astro event that is calling for a putz crash, but you could also go to the track and bet on beara-ble in the fifth at santa anita -g-
today's action was pretty anemic, not plurality of up/down volume or a/d, so i can't say we have a reversal, but i think the downside is limited, the nortel bad news put in a bottom in late june and maybe the amd, emc has also provided another st bottom flush here.
(ok locretius of borg, i said something bullish, post that the market is gonna crash on clowns only zone, all stalkers will be absorbed, resistance is futile) |
