We finally got our SELL on the Daily SPX chart, basis both Blue Wave and ATR. The next major threshold lower is the upward trending support line from the March, 2009 lows. Once that gets taken out, the fun begins.
A
2 comments:
Anonymous
said...
Screw the trendline. That trend upward has been based on thin volume and manipulation. This whole thing has defied technical analysis, so what makes you think it will unravel according to technical predictions?
It's going to happen faster than anyone could predict because this rally has been skating on rotten ice.
I agree with some of what the last poster is trying to say.The whole thing...based on manipulation...defying technical analysis... I would be suspicious of blindly following TA indications. ...................................
But your second point...("its going to happen faster than anyone could predict...") .... I actually am thinking the opposite might happen. The government which engineered the whole phony rally,will now engineer a controlled mini correction,to unthreatening support levels,slowly,over the coming weeks....continuing to inflate the overbought market bubble,or at the very least,keeping it within a trading range that averts a collapse....for the next two quarters. But next summer ? or a year from now when the next round of real estate defaults come pouring in, watch out.
2 comments:
Screw the trendline. That trend upward has been based on thin volume and manipulation. This whole thing has defied technical analysis, so what makes you think it will unravel according to technical predictions?
It's going to happen faster than anyone could predict because this rally has been skating on rotten ice.
I agree with some of what the last poster is trying to say.The whole thing...based on manipulation...defying technical analysis... I would be suspicious of blindly following TA indications.
...................................
But your second point...("its going to happen faster than anyone could predict...") .... I actually am thinking the opposite might happen.
The government which engineered the whole phony rally,will now engineer a controlled mini correction,to unthreatening support levels,slowly,over the coming weeks....continuing to inflate the overbought market bubble,or at the very least,keeping it within a trading range that averts a collapse....for the next two quarters.
But next summer ? or a year from now when the next round of real estate defaults come pouring in, watch out.
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