BOBBY,
>>>> I think it was yesterday or the day before, when the Summation put in a lower low, what a sell signal. The topp is in, use rallies to sell and get short <<<<<
The following indexes, so far, have pierced their lower inclining trendline to the downside:
NAZ
SPX
OEX
BKX
DRG
UTY
RUT
The DOW, TRAN, NDX, DOT.X have not yet broken the lower trendline but are close.
Per my SHORT-TERM technicals the overall market is only in the mid-range around 30-45 right now, which means there is still plenty of of downside room. If the market does continue down and does not reverse right from here, I calcualated that there is about 2-3 more days of downside. But keep in mind that since the technicals are in the mid-range there is always the chance of reversing right from here, although that is less likely in light of many trendlines being broken to the downside and the worsening market internals and other negative technical signs.
A little on the bright side the overall market has not yet set lower lows just yet. If lower lows are produce, that would be a very significant negative, and one confirmation that at least a mid-term(30 day) top is set. It could be the long-term top also, but needs further confirmation.
The last dip in the DOW was around 9160(dont have exact numbers) so that would be a significant support.
As I am typing the NAZ has already regained 1/2 of todays losses so far, so there are hints that there is some chance of reversing now, but I am still leaning towards lower prices.
Seeya |
