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

  #351 (permalink)
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I'm showing that we should go down to 821.6 where S1(821.9) is ....kind of weak on this but it's there so...

By the way it might go lower....only a target not necessarily a flip point


Last edited by kbit; April 2nd, 2012 at 10:59 AM.
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  #352 (permalink)
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I guess the news is going to try and convince me I'm wrong on this one but I'm still going to try a short if I get a signal somewhere....unless it goes over 831.6...then I'll write this idea off.

Remember I said it was weak but it's still there....the weakness would explain why it's going so far out of the way but like I said over 831.6 forget it...though technically still valid it's just way to ugly at that point

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  #353 (permalink)
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I've got a short( not married to it) on EMD here but nothing on TF at the moment....who knows how this will play out...like I said at this point I'm writing off taking out the low though it could happen. I did have signals to go long earlier but had that short in mind so missed out on the run up....silly me

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  #354 (permalink)
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I out of the EMD (did make some on it) ....I guess the TF is trying for about 834.5ish and the ES is aiming for about 1413.50 so keep an eye on those areas

R2 is 1412.5 ES , R2 on pit chart is 1411.50, R1 is at 1407.50
R1 is 833.8 on TF

Just waiting for some kind of signal either way....coming into lunch and all that so......

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  #355 (permalink)
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Birinyi's Ruler Predicts S&P At 5000 When Volume Hits Zero

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In a day like today, when stocks and bonds are rallying, indicating that the market is once again convinced Fed "bad cop" Fisher was full of it, and more easing is expected (as noted earlier), and with NFP set to fall on a market holiday, thus the number, if weak, can be spun as one ushering in more QE over the weekend, one can only sit back and have fun with Birinyi's ruler.

Which in turn brings us to the following conclusion: with the market in 2012 once again in a straight diagonal line, just like in early 2011, gaining 50 SPX point each month regardless of news, climatic conditions, liquidity and frankly anything else, it is quite obvious that the S&P market will hit 5000 by December 2019, a date which is also notable because as the second Birinyi ruler chart shows, that is when trading volume will officially hit zero.
Birinyi vs stocks...


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and volume:
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Average:


The Ultimate Divergence: Birinyi's Ruler Predicts S&P At 5000 When Volume Hits Zero | ZeroHedge

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  #356 (permalink)
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kbit View Post
I out of the EMD (did make some on it) ....I guess the TF is trying for about 834.5ish and the ES is aiming for about 1413.50 so keep an eye on those areas

R2 is 1412.5 ES , R2 on pit chart is 1411.50, R1 is at 1407.50
R1 is 833.8 on TF

Just waiting for some kind of signal either way....coming into lunch and all that so......

R2 Pit chart ? what is your pit chart, does it use a different session template so the pivots are at a different point?

Thx in Advance

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  #357 (permalink)
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Rad4633 View Post
R2 Pit chart ? what is your pit chart, does it use a different session template so the pivots are at a different point?

Thx in Advance

It's the pit traded S&P.....obviously a rth based pivot calculation, the other pivots are based on 24hr.

I don't know if it's available on all platforms...I use Tradestaion and they call it SP.P

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  #358 (permalink)
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838.5 is next spot up to watch....maybe when/if that gets hit it will come back to 834.5

I'll be better in tune tomorrow.....dealing with nasty migraine all day today

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  #359 (permalink)
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from pt

There have been a few different topping-type patterns in the equity indices in recent days with the Russell 2000 showing a Diamond Top right now.


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It “should” drop to confirm at 816 for a downside target of 784, but it may make the rarer upside break on confirmation at 848 for a target of 880.

Of course, this Diamond Top might do what the S&P’s Diamond Top did today and that is to trade into one of its sibling patterns or the Broadening Top that confirms at 1387 for its downside target of 1354.


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This pattern, Flat-Bottomed or Orthodox, could put in the less common upside breakout, though, on confirmation of about 1425 for a target of about 1458 and this possibility should be considered.

That being said, these patterns along with a Symmetrical Triangle breaking out to the upside in the Dow, or maybe it’s a Triple Top, with targets of 12717 and 13575, respectively, along with a Diamond Top/H&S duo in the Nasdaq Composite reflect investor uncertainty around ISM Services, payrolls for March along with the upcoming earnings season and maybe some of this data produces the more likely downside move to come from toppy-type consolidation.

It is this sort of move down in the S&P, and the equity indices and some of the sector ETFs by extension, which is supported by the VIX with what appears to be a bottoming-type Symmetrical Triangle at the apex of that bullish Falling Wedge.


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It is the Falling Wedge that carries the dramatic target of about 48 and one that suggests a correction of some sort could be coming but it is the Symmetrical Triangle that confirms at 17.27 of 25.21 and is the better to focus on now. Unless the VIX drops below 13.66 to invalidate that pattern and its sister Rounding Bottom, it seems very likely that the VIX may soon spike higher.

In turn, it is the VIX that is pointing to a topping pattern of some sort in the S&P.

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  #360 (permalink)
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I'm liking 838.5 more all the time

Hopefully...in a perfect world (fat chance) we will get a short entry on a 50% ish retrace from whatever the low is tonight to 838.5

we'll see what things look like in the morning but that's the general idea at the moment

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