Joe,
>>>>> those class one buy ins just dont pack the same punch as they used to. as for todays early action, dow and s&p hanging tough, but tech is giving it up and selling off. <<<<<<<
Exactly what I have also noticed. For example, and indicated earlier, during the JAN-MAR strong run-up I was getting plenty of CLASS 1 SELLs and they still worked, but was only good for 50-150 points. Nothing to make money from, but what it indicated was that it was a strong uptrend which would limit the downside.
Your observation that the CLASS 1 BUYs are not packing the same sort of punch - well, I am interpreting that we are now in the early stages of a downtrend and possible a strong downtrend which will limit the upside - opposite of the JAN-MAR period.
I would also like to further explain that such is a good hint that the trend is changing to a DOWNTREND from a RANGE TRADING TREND, which is a major TURNING POINT:
JAN-MARCH = STRONG UPTREND
APR-JULY = RANGE TRADING TREND (8750-9300 for the greater part)
AUG - _____= DOWNTREND
Please understand that I consider the corrective period of APR-JULY as range trading. Towards the end of the period the range got larger to the 8600-9400 range.
Now I believe we are in the beginning of a DOWNTREND, not a short-term downtrend, but one that could turn into something major, as in a true BEAR market. Dont want to scare everyone, since we still need alot of confirmation.
If 8570 holds it would be a sign that we are still in a RANGE TRADING TREND not a DOWNTREND(LONGER-TERM). If the DOW does break it, I see the next major key support at 7700-7800, not to say there are not other support lines in between.
Seeya
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