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Strategies & Market Trends : General market lab and commentary

SPY 670.92

+0.1%

Nov 7 4:00 PM EST

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To: Robohogs who wrote (486)	6/13/2016 9:52:56 AM
From: Robohogs	Read Replies (1) of 668

Interesting that XBI had its 4-5th down gap of at least 1/2% since recent highs. After the last highs, it had 5-6 taking price from 58+ to 49+ or 15-16%. It also had about 5 XBI lower highs vs 6 now. Total move this time is 8-9%. So intensity of down pressure is equivalent as marked by gaps and lower prices, but the magnitude SO FAR is less. Last time at this point, we rallied 4% before testing lows. So no rally here (already green btw) and more downside could match last decline. Reading stocktwits and TA guys, folks are just making it up to fit biases. Benzinga has a guy saying that since a wedge held on upside, we will break to new lows, supported by negative momentum (I assume sunce his is oscillator never hit 70 (overbought), he is calling it negative). Remember I was harping on RSI hitting 70. Well it did get turned back there but still that was a higher high. And it did touch OB for a nanosecond. Computer access to data is off so that is why I used observation only. But there are my biases. Jon

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