Here's the A/D line for the NASDAQ, fewer stocks participating in the move up
This is a pure momentum indicator, again a loss of upside momentum opens the door to a reversal
The bigger picture on the SPY-10 min chart.
As I mentioned, the DIA is not confirming at ALL
And the Q's are in effect, in a leading negative divergence.
This move, while substantial, doesn't seem to have the foundation needed to be considered anything more then a manipulated bounce-where exactly the manipulation comes from, POMO or something else, or just the last ditch hope of bulls at 3 very serious trendlines, I don't know.
12 comments:
Yesterday the market failed on the third bear flag for the EURO, I believe we are forming our third for the day now.
So, if 3C and the other indicators shown above are correct, we should see a 'curved downwards sell-off' going into the close of the day?
Well, i think we definitely need to see that or something along that lines happen. I'm concerned already, i don't know what i'll think if we finished at this level or even higher.
Take a look at APPL, it appears to be breaking down and most who would of bought today are starting to be underwater.
Jack,
Yeah, it broke down yesterday too. Only to bounce back magically in the futures and today.
Stick save intervention all round.
http://www.zerohedge.com/article/pomo-impact-pictures
And i think there are two more POMO days next week (Tuesday and Thursday i believe?).
And people still think it's retail buying into this?
Looks like the 2:30pm ramp up is under way.
Only 1h 30mins of trading left and still at highs.
As i've said before this market is just intervention followed by intervention, no retail investors in sight in my opinion.
They may run this to 1150 on the S & P since we are almost there, watch for a quick break up and then a sell off. At least that is what I would hope to see. Very odd day.
Jack,
Hope to see!? $150 spy?
I asked you when we broke up through the much talked about $130 SPY level what is stopping the powers that be running this to $150 or $160 SPY? And you said it was because the smart money was short and they didn't want it getting to far away from them!? Seriously.
I'm more concerned that it looks like yet another day where 3C says down, but the market is well, well up. That doesn't inspire confidence does it? If 3C gets it so wrong on a daily basis, how can that inspire confidence that this 'the market is going down' signal it has been showing since the start of september?
My goodness Mr. Pink. Please try to control your emotions. This is the game the big money play and it works on most. They are readying themselves for the plunge. They don't want everyone on board with them. They want to fool the majority and then take it the other way. Today is a perfect example. It's nothing to be emotional about. Hang in there. We all have to suffer a bit to make some money. There's no free lunch.
I don't think this is a 3c problem. It is doing what it was designed. The problem is that last night it is probable that Japan came in the currency market again. That is why futures were up so much this morning.
Alesund,
I think it's good to have a balanced view. And it's good to question.
I think it's fair to say, when i see reality aligned to what 3C has been predicting for a month now (i.e. a big down move) then i'll 'take it easy' as i will have more confidence in 3C and it's calls (i think that has been seriously lacking recently in the market indices, in precious metals, $US dollar, etc). I need confirmation, as this shows credibility, which i feel is fair.
Jack,
Yeah, but the Nikkei gave up it's gains on the intervention 'news' and DOW futures were only up 50 points on open, we've had nearly a 150+ move up since then.
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