Deterioration

Same charts as posted earlier, updated to current prices, note the change in character.

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No arguments here

The short=term Buy signals generated mid-day Monday are continuing in force today. The charts above, all 5-minute charts, show significant strength in the SPX, DJIA, and SPY. Notwithstanding my longer term forecast, which remains bearish, the trend is what it is, no arguments here.


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The good die young

Testy

I went into today's trading heavily short and received another market lesson in humility (as evidenced by the tone of my exchanges today in the Comments). That said, not much has changed in the bigger picture.

SPX Daily

As is shown on the above Daily SPX chart, today's rally was not robust enough to move the Daily model to a Buy, as it remains on a Sell.

DJIA Daily

DJIA 90 minute

The 90 minute chart did flip long mid-day, but is tracing out a fractal of the larger Weekly chart and looks like for a turn down in the next few bars.

DJIA Weekly

Weekly Sell triggers are 9370 for BWT and 9350 for ATR. A 200+ point decline tomorrow on the DJIA will suggest all hell is about to break loose.

DJIA 60 minute

This might be my favorite of them all. The software is confused and has thrown up letters instead of numbers for its count, always a sign of indecision. But the False Bar Stochastic has erased its oversold condition from Friday and has already crossed over, although is still in overbought territory. Any decline tomorrow will trigger an FBS Sell Signal. Hopefully that will coincide with a BWT and/or ATR Sell and provide for a high confidence Short trade.


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Plunge mode

Structural set-ups for a plunge, lasting weeks, maybe months.

SPX hourly


SPX 240 minute


SPX Daily

Blue horizontal line = support off of Wave 4 low

SPX Weekly

The big one

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Special Alert

Going into the last hour of trading Friday:


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DETROIT RED WINGS vs. ST. LOUIS BLUES

LIVE ON VERSUS CABLE NETWORK


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SPX Weekly

The big one

Here is a look at the Weekly charts, the first two are SPX, the third one DJIA:


It is the breaking of those up channels that will be the next significant event, the big one, if you will.

Those levels are about 1000 for the SPX and 9000 for the DJIA.

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Collapse, part III

Collapse part II

Here are three views of today's action, based on the SPX:

Daily


Daily close-up


90 minute

It was the break of the trend line support that we were looking for and that break has occurred this morning. Expect a reflex rally to kiss the line from underneath, then total collapse.


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