Went short here as described in the comments. A nice looking descending triangle and no follow through from the reversal off the 869 low yesterday.
Market looking extremely weak here. I expect at least a retest of yesterdays low now. Possibly a break to go another 5 points lower.
Not looking like a sell off is coming at least here. May cut my losses as we should not be retesting the upper ranges a third time.
ReplyDeletestopped out
ReplyDeleteBB widh is narrowing. we should see at least a test of low or more today. It may be a good time to go long at the close
ReplyDeleteVolume seems to be dropping off...?
ReplyDeleteyou mean non-existent? lol
ReplyDeletejust some computers trading the same shares back and forth ....
it is not even holiday and friday. this is crazy. something major brewing. fake up and then crash or vice-versa.
ReplyDeleteyeah its quite odd. And as I type I see some signs of life return finally.
ReplyDelete890 here we come ....
I see rising wedge and neg. divg. for momentum. should see a move downward soon
ReplyDeletejust remember. We have a lack of sellers at the moment. What that means is that we will have a slow grind higher that 99% of the time always shows a bearish divergence.
ReplyDeleteRemember the move from 890 to 930. It started divergence at 900 but kept on going another 30 points nice and slow.
still stuck on VWAP .... needs some sellers here or we go higher ... again lol
ReplyDeleteIs this what you call a spinner day?
ReplyDeleteyeap another spinner ...
ReplyDeletegood for bears, bad for bulls, especially after having broken 880. We should have gone up without ever looking back for the bulls to make a stand here ... instead sectors are selling off ... take a look at IYR ... not good.
XLF not able to make a new high ... overall not looking good for bulls ... and not looking good for bears either because none of the bears are invested.
haha...just can't win can ya! Thanks Chris. Appreciate you feedback and your blog! Lived to trade another day.
ReplyDelete