The sp500 today reversed a good portion of the losses today and at first appearance appears to have saved itself from any potential downside damage next week. However the daily MACD is at a bearish crossover point and there exists a triple bearish divergence between the MACD histogram and the sp500 of the past few … Read more
Today on two occasions I started to write a post about how it seemed a BOT Short signal was appropriate. But then in each case I deleted the post and decided not to submit it. I was writing the second post right near the close of market but then was not able to send it … Read more
The sp500 continues to trickle higher into new ground. I do not think that we can call today a shooting star reversal in the sp500 because the topping tail was very small on the candlestick today. In addition, by the end of the day no retracement was done into the previous days candlestick. Still, it … Read more
There are some signs of a possible short term downside reversal in the market today but we do not have confirmation yet. We also have possible signs of a weekly trend change developing but again, no real confirmation yet. The NYSE Composite index put in a potentially bearish daily shooting star reversal candlestick today. We … Read more
The market is having a hard time letting go of its bearish tendencies. Once again I have to say that I am pleased that the BOT short signal is still intact. The market does not appear ready to break north of 1201 on the sp500 any time soon. It did appear like it would after … Read more
I am glad that I kept the BOT Short Signal live as of my previous posting. This appears to be the correct decision now. The SPY ETF and the sp500 appear to be staging a very weak day after Thanksgiving attempt to move higher. It is not working. I don’t know if this market was … Read more
In yesterday’s post on the sp500 it seemed as though we had a clear intraday reversal at hand and an easy chance at higher prices. I did mention in yesterday’s post that, “A down market tomorrow that retraces and closes more than 50% into today’s reversal hammer would potentially eliminate today’s move as a clear … Read more
The sp500 today once again rewarded the bullish crowd. Today is the kind of day that should tell one if he/she is short the market, that it is not the correct path of least resistance. The sp500 today ‘dipped its toes into the water today’ to see if it was warm enough for swimming. The … Read more
Today looks simply like the pause that refreshes after yesterday’s barn burner upside move in the sp500. Sometimes the best signals the market gives us come from tape action that does NOT occur as opposed to what actually happens during the day. What did not happen today was a significant ‘give back’ of yesterday’s substantial … Read more
In other words it is not easy to get this market to decline more than 1 or 2%. Only a couple days after I issued a BOT Short signal the decline so far is a very meager one that is really slow on the tape. To get this market to decline more than 1 or … Read more