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TF thread (Russell 2000) ... anything goes
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TF thread (Russell 2000) ... anything goes

  #81 (permalink)
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todays PT

Seems like they don't know what's going on like the rest of us ....
>
>
Leaving all superstitions behind with yet another note into the bell, the S&P and DJIA are up on the day with the intraday Inverse Head and Shoulders patterns in each index flirting with confirmation after having secured confirmation earlier.


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Interestingly, the Nasdaq Composite and the Russell 2000, and indexes that tend to lead the S&P and DJIA, along with the XLF are in the red with unconfirmed IHS patterns.


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Whether this discrepancy will amount to anything is unclear, but it seems worth pointing out as equities turn ambiguous but the COMP, RUT and XLF lag below.

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  #82 (permalink)
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I guess there was a reaction of 687....lot more than a bounce obviously. going into lunch now but this 727 area could be the top for today, I don't want to short it however, it might hover around here for a while. With NFP coming up though they might drop it down a bit to get a better posistion to run up some more.....how much ? don't know but I'm thinking around 715 area at the moment. I will take a look at the end of the day to see if I can get a better idea.

As far as where this tops out this week....maybe around the 740 area before a downmove (to 708 area maybe)...to early to say...just a guess

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  #83 (permalink)
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Yes, with price on top of the kumo, the trend is bullish and if/when TS crosses below KS, it will
be considered a weak sell...watch for cloud support/reversion to the mean (KS).

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textbook cloud support, reversion to the mean (and then some)
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Here's TF.
Price did close below the kumo, but with KS staying flat the next open and above the kumo, there
was no reason to enter short.
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Psychology > Strategy ≥ Money
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  #84 (permalink)
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Massive l View Post
You like?
textbook cloud support, reversion to the mean (and then some)
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Here's TF.
Price did close below the kumo, but with KS staying flat the next open and above the kumo, there
was no reason to enter short.
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I had the same view...I like how it based off the top of the cloud today for the run up....I factored in some other stuff but did take the top of the cloud (687) into consideration...very nice

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  #85 (permalink)
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Based on the magnitude of the euphoric excursion into bullish fantasy land that happened I don't see much downside before the highs get higher.
It may only drop to around 730 or the 723 area....overnight will tell us a lot as to what's in store tomorrow, just have to see where it may bottom out tonight to get a grip on where we go.
Earlier I thought 740 would be the top some time this week but didn't think it would be so close today so I might have to rethink where a top might be before we get a decent pullback.

Edit: I know some will say tomorrow might be an inside day and it may be, just have to play it by ear.

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  #86 (permalink)
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Todays chart....interesting spot (730) it bottomed out at today, the question is wether it's strong enough to hold up tomorrow. It's basically came down to the trend line it broke through on the way up (not shown).
Really, it could easily drop through it without much trouble...if it does I'll be watching the 718 area or the 710 area if it goes that far. With NFP tomorrow it could be interesting....if it's a good number there is a chance they will sell into it so just be aware....that being said my guess is it might stay up here for a few days more....we'll see

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  #87 (permalink)
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I'm looking for some more sideways movement, reversion back to the mean (KS)
after completely blowing past it two days ago.

Psychology > Strategy ≥ Money
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  #88 (permalink)
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This is a dangerous interpretation considering that it is coming in the face of a one-day 4% surge, but it is that spike up that has somehow lent a look of total instability to the S&Pís daily chart that is highlighted by its bearish pattern of lower highs.


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Unless the S&P rises above 1275 today, its longer-term and bearish trend of lower highs will remain in place while its unmarked near-term trend of lower highs will hold if the S&P fails to rise above yesterdayís high.

If, however, the S&P does rise above 1275 today and particularly on a closing basis, it should be taken as a very strong signal that the S&P is going to break the long-term and unmarked Rounding Top showing in the chart above and fulfill its unmarked Inverse Head and Shoulders pattern.

Otherwise and this will be a day-by-day watch with the level to take out each day moving down slightly with each day, the S&Pís chart is bearish and growing more bearish by the day and something that brings me to reiterate my near-term target range of 1120 to 1220 for the index along with my near-term target of 1120.

What makes this interesting to me and just as color for you, my conviction in that range and target is growing as the S&P trades with less upward momentum in its up-and-down volatility that reflects investor uncertainty about the fate of the euro-zone and the status of the global economy and more downside velocity as demonstrated by the trend of lower highs.

And until that trend of lower highs is broken, if it should be at all, the S&Pís chart is bearish.

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@kbit, can you remind me who PT is?

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  #90 (permalink)
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@kbit, can you remind me who PT is?

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