Index chatter...

[cire2222]

Wild day on wall street, up a ton, lost it all and gained some back end of day. I think there is now a real cloud of confusion out there, traders wanting to call a bottom and traders calling for a crash. Im glad to see mixed feeling in the market, much better than one sided opinions.

[MC]

Made a dedicated index thread and moved your post here Cire. I give you THE INDEX CHATTERBOX.

[cire2222]

what a wild day, closed below that support level many were looking at. At this point im getting some mixed signals I will post more about that in the blog later. Hope you all were on the right side of things!

[MC]

Interesting chart...Lifetime monthly DJI chart which includes THE GREAT DEPRESSION!

I have 2 concerns that stand out here.
1) We have bearish macd divergence on the most recent tops (almost 8 years in the making).
2) Last month we closed below a trendline we have been above since late 1985. :'(

Seems we have some nice basing to hopefully continue to hold down at the 11,500 range. If we get a new high with continued macd divergence I will pull my 401k and run for the bunkers.


Here's a lil closer look, last month we can see we closed below that trendline.

[cire2222]

another wild one one the street today. For a moment there it looks like the market could stage a full recovery. At this point i feel the market is in a technical oversold area ready for at least a small bounce.

[cire2222]

its sunday night and index futures opened lower, Dow 50 points and s&p 5 points. I do expect some sort of a bounce monday or tuesday. We will see how the market opens in the morning.

[cire2222]

who said the stock market can't be predicted? pfffffffffffffffffffff :P

Before



after


This was a call posted on the main blog ( www.tradersbase.com ) that was made last tuesday

[cire2222]

"FED will lend as much as $200 Billion" is the headline dow futures up 240 points in pre-market!!!!! yes thats 240 UP! never have i seen this happen

[MC]

I called the absorbing volume yesterday and a pop today or worst case tomorrow.
These key levels I had in place about a week ago so let's see if they can contain this rally.
So far we had some rejection at the 1st level.

[MC]

If the Dow mini (YM) holds the 11,910-11,920 range the rally is looking good. If that breaks it has about a 70+% chance of testing 11,800 and could lead to a possible full gap fill.

Watch carefully at the 11,910-11,920 range though. That is the key level pocket for the day IMO.