...today was a body-blow to the markets, thanks to herry iball -g-:
DOW - bye, bye 20sma and 100sma (had been above the 20sma for 4 weeks solid, and cut through the 100sma like butter):
stockcharts.com[h,a]daclyyay[dc][pd20,2!b100!f][vc60][iUk14!Up14,3,3]&pref=G
SP - 4 weeks above the 20sma, no longer:
stockcharts.com[h,a]daclyyay[dc][pd20,2!b100!f][vc60][iUk14!Up14,3,3]&pref=G
RUT - broke under trendline from mid-May:
stockcharts.com[h,a]daclyyay[db][pd20,2!b100!f][vc60][iUk14!Up14,3,3]&pref=G
QQQQ - if you combine last Friday's and Thursday's candles, you have a "falling three methods" candle setup, which is a very bearish formation.
stockcharts.com[w,a]daclyyay[db][pd20,2!b100!f][vc60][iUk12!Up14,3,3]&pref=G
NAZ - now below the 20sma, and after tapping the upper BB, now on the move to open the BBs to the downside:
stockcharts.com[w,a]daclyyay[db][pd20,2!b100!f][vc60][iUk12!Up14,3,3]&pref=G
SOX - this might be a problem (to the shorts), because it is above the 20sma for 3 days now, but this is one ugly gravestonish, shooting starish, inverted hammerish candle (point: it ain't going higher); plus it hit an upper R line:
stockcharts.com[w,a]daclyyay[dc][pd20,2!a447!f][vc60][iUk12!Up14,3,3]&pref=G
So, as we continue the dive here, I'm still 100% into my short position via Rydex Arktos (from about 1545 NDX) waiting for the NAZ to hone in on that 2005 gap:
moviesounds.com
J.K.
ps: if we don't get another red candle tomorrow, and have an inside day instead, I'll likely close the short (reshort later) because that usually means back-filling of today's power candle for the next few sessions. |
