Ideally for the bears we will get a 2B sell signal on the 15 minute intraday sp500 chart. As I type right now it appears we are getting the signal live. Whether or not it continues into the final close remains to be seen. Lets see what happens. A 2B Sell would be triggered on the 15 minute chart below the horizontal white supporting line. We broke out above it and have been trading sideways on the 15 minute chart for quite some time.
Now the close comes and it looks like we just slightly pierced the horizontal resistance line!
If we get a 2B Sell by the close then it could possible hint at hard down tomorrow.
A possible great re shorting opportunity right into the close now. . .
(1) With an SP close of 178, it sure would seem the close was below the white line.
(2) http://www.elliottwavehound.blogspot.com/ posted an incredible graph today showing that 84% of stocks above 50SMA. . . the set up is extremely similar to early May 2010. his point was that stocks don’t rally when such large % above SMA
(3) after close today, there is a string of 34 positive days of 10 ma of Advance / Decline. the 10 ma today stands at 295 and no matter how bad tomorrow may be, it is impossible to break this string into negative tomorrow which would make 35 positive days. . . i have never seen such a long string.
(4) will be very interested to see Aall Index Sentiment probably posted late tonight or tomorrow morning.
(5) GE lost a little today
(6) my small portfolio of shorts / puts generally made up very little ground from the loss yesterday. one stock did recoup almost all ground, but two stocks continued to decline!
(7) it would be unimaginable if market fell out of bed just 10 days or so before election. unimaginable.
(8) i think the Hindenberg Omen flashed in August can still be effective 3 months later and NO ONE is talking about that.
after market closed Ebay and Netflix had very positive after hours price moves up (8+% each) which is a headwind for bears plus big earnings coming out tomorrow – – Caterpillar, Amex, ATT, FCX before open and AMZN after close.
as bear, my fingers / claws crossed
nice call on the SPY volume you’d like to see, you g
ot it
yes that percent of stocks above the 50DMA I noticed the other day and looked very alarming. It seems to support the case of some more sideways violent battles and then a possible huge move that fills all the gaps on the way down very quickly similar to what happened in May 2010