The Fib. fan held the SPX in today, things would get more bearish if it could capture another fan line!!
On the SPX, percent of stocks above their 50 day MA, is at 44.2% now, lots of downside available for further sell-offs.
WOW, today was an action packed day, and after all that the SPX closed a micro above the open, with the TRAN, and Russell finished heavier into the red. I have a finish a-b-c up counted, and the trend seems to be down for the morning. I posted the conservative bearish option, but still have the 1-2, 1-2, option going. The VIX stayed above the channel line today after testing it early in the day. Breadth was 1.16:1 at the close, with Advancers on top, on slighter lower volume then yesterday.Omen-53 new highs, 3 new lows
The VIX has dropped back down to test the old channel line, and support. Important for the bears to hold this, or the bulls might have the upper hand!!
The channel was broke at the open, this is the option I am going with for now. Still waiting for the minutes the be released.Update after the minutes were released-, the market continued to trace-out the final part of the 2nd wave up.
Michael,
ReplyDeleteThe DOW & S&P patterns look like a leading diagonal for Minute i circled of Minor 1 down.
Minute ii circled will end today.
According to one of Prector's guidelines, we should expect an extended minute iii circled since minute i circled was a leading diagonal.
I think the Dow will finish Minor 1 between 8400-8200.
8400 lines up with the open Nasdaq Comp gap at 1800.
What do you think ?
Paul T.
I like your thoughts!!
ReplyDeletei always have a hard time with this, but what might those dow 8400-8200 numbers line up to with the s&p ?
ReplyDeletethanks ya'll
Very nice work Col.
ReplyDeleteMaybe 2 more days lateral to correct an 8 day decline... or maybe the floor will come out sooner!
-pat