"Thanks Ben. We were a little worried this morning and needed some help."
Creditcane™: REPETERE AD INFINITUM: CAVEAT EMPTOR.
Bullish long day. Midpoint below EMA(10). Tested and held SMA(21). Still failing the 0.0% retrace (1419.15). No daily 3LB changes (reversal is 1418.16). QE2infinity.
Bullish short day. Midpoint below EMA(10). Tested and held the 61.8% minor retrace (81.51). Still failing SMA(89). No dally 3LB changes (reversal is 82.64).
Bearish long day. Midpoint above EMA(10). Tested and failed SMA(21). Holding above its 0.0% retrace (14.27). No daily 3LB changes (reversal is 13.45).
Spinning top day. Midpoint above EMA(10). Tested and held its 50.0% retrace (1668.00). Tested and held SMA(233). No daily 3LB changes (reversal is 1555.10). Must have the precious.
Bearish short day. Midpoint above EMA(10). Tested and failed SMA(89). Tested and failed its 38.2% minor retrace (1.2522). No daily 3LB changes (reversal is 1.2297).
Bullish short day. Midpoint above EMA(10). Still above all SMA's. Tested and held its 50.0% minor retrace (39.86). New high on daily 3LB (reversal is 39.40).
Bullish short day. Tested and held SMA(89). Midpoint below EMA(10). Still failing its 38.2% minor retrace (17.47). No daily 3LB changes (reversal is 18.36).
Spinning top day. Tested and failed SMA(144,233). Midpoint above EMA(10). Tested and held its 38.2% retrace (95.94). No dally 3LB changes (reversal is 95.89).
Spinning top day. Tested and held SMA(144). Midpoint above EMA(10). Holding above its 100.0% retrace (26.66). New high on daily 3LB (reversal is 29.42).
Bullish short day. Midpoint above EMA(10). Still above all SMA's. Holding above its 61.8% retrace (46.14). No daily 3LB changes (reversal is 47.47).
Bullish short day. Tested and held SMA(89). Midpoint below EMA(10). Tested and held its 38.2% minor retrace (0.7678). No daily 3LB changes (reversal is 0.7738).
Spinning top day. Midpoint above EMA(10). Tested and held SMA(89). Holding above its 61.8% minor retrace (3.430). No daily 3LB changes (reversal is 3.540).
Spinning top day. Still above all SMA's. Midpoint above EMA(10). Tested and failed its 0.0% retrace (665.15). No daily 3LB changes (reversal is 636.34).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
8 comments:
Weekly 3LB Update 8/24/12
Slow day.
http://www.schaeffersresearch.com/commentary/content/marketobs/another+sign+the+bears+are+trying+to+take+charge/observations.aspx?id=112595
http://www.schaeffersresearch.com/commentary/content/ezines/could+hedge+fund+managers+be+turning+more+bullish/mondaymorningoutlook.aspx?id=112578
b22
I have no idea what the market is up to. It's still bullish since the SPX is above the weekly and monthly 3LB mids. If anything I expect the bulls to test 1443.40 (61.8% minor retrace). But they may have to do so before Jackson Hole.
Ra,
I think thats not a bad call, wouldn't be surprised if we consolidate further here but I still think there is upside left. This is also a good article as there seems to be a ton of people bringing up volume lately:
http://www.mcoscillator.com/learning_center/weekly_chart/total_dollar_volume_not_so_bad/
Kind of dead on the Street today, but still a generally constuctive tone in the market. August is not a month in which I try to read much into price action.
Funny how things affect different parts of the country. Been traveling around western US for a week or so and don't see any signs of a recession in Montana or Idaho. Talked to a farmer dude in Bozeman, MT and he said he doesn't know of anybody that's unemployed... all of his relatives and friends have worked the same jobs for years now.
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