THE EKG WORKS MORE OFTEN THAN IT MISSESJay
As per the short term power index published yesterday, the 26th has potential to hit a rebound high
which sets up, imo, the next leg down into Friday, May 28th
Math model shows the last decline from 1174 to 1041 of 133 pts
133x 38.2% = 50 + 1041= 1091 which is exactly where the last
penetration provided major support -- NOW should become RESISTANCE
yesterday, they did hit some key cycles
open LOWER at 228 bars @ 9:45 am
Turned higher after 258bars at 12;30 to 1pm
Today
60bars at 11am
90bars at 1:30
120bars at 4pm, or open Ths
Today's reading still negative
expect money issues
dont take chances
Thsday read
Agitations
Fri
Agitations continue
HOW low is LOW ?
THere are have projections out there from 1020 all the way to 925
today should BOLSTER the Bearish position by making the bulls FEEL SAFE.
more later
Jay
gap call did not work out. they are sweeping the bear stops at 1093 & 1107 area
ReplyDeletedow 10160 bear stop, one of the area to short. sweep and mop
ReplyDeletedont go short until vix 24.1
ReplyDeletesweep, sweep away
ReplyDeletelol
sweep with the broom, get the flies out
ReplyDeleteDow was sweeped to 10160, now is it mopping time or do they want to sweep some more
ReplyDeletelooks like another sweepy 5 wave
ReplyDeletethink sweeping, shorts did not bulge
ReplyDeletedow 9200 still a target
ReplyDeletecheck this out ...
ReplyDeletehttp://www.abc.net.au/news/video/2010/05/20/2905304.htm
if they close under 1074 then sweeping and mopping done
ReplyDeletegoing to Explode higher soon
ReplyDeleteVIX now above 32 minor resistance; strong support @30, strong resistance @35.
ReplyDeleteRicky - what are you seeing ?
ReplyDeleteAll I see is we will close at this level for the week. Tomorrow down
ReplyDeleteWe had a 400 rally with no pullback
ReplyDeleteDOW JONES INVERTED HEAD AND SHOULDERS PATTERN IN DAILY CHART
ReplyDeletehttp://niftychartsandpatterns.blogspot.com/2010/05/dow-jones-inverted-head-and-shoulders.html
Thank you
HI San
ReplyDeleteWelcome to my corner
of the world, and thanks for
your input & blog
Jay
seems like sweeping done
ReplyDeletethink they want to keep 10,000 for today, Executive Order from Sec. of Treasury from EU, where he is teaching manipulation and stress tests
ReplyDeleteApparently I'm blind today but did take profits.
ReplyDeleteJay,
ReplyDeleteSeems like you will get your 50 point drop tomorrow and Friday as you have mentioned
Business people are COMPLACENT
ReplyDeleteand HAVE NO IDEA what the market is about to do.
And they dont care as long as it doesnt effect their business, or at least refuse to accept that it does.
Spoke with such a person yesterday.
Told him about the 60-70 yr Kondratief wave- He popoohed it and said it could last 100 years.
NOW thats DENIAL
He would NOT even look it up as he sat right there in front of his PC
IT will be FASCINATING when he comes to ME and says
WHAT SHOULD I DO WITH MY Mutual funds that are NOW worth 50% of what they were the last time we spoke in 2010
As I said yesterday
WHEn you hear or read
NO BOTTOM
then we have one
Jay
REZA
ReplyDeleteGET READY FOR A SLUMP
rocket ride in reverse
Power index SHOWS the way
Jay
Ricky, you made the same mistake last Friday too. I mentioned last Friday gap down.
ReplyDeleteI'm not sure where we will bottom, but I'd sure love to see that 20ma on the monthly hit tomorrow Jay.
ReplyDeleteI'm like you though... I see a hard reversal once the level is hit that they have targeted. I'll be looking for the QQQQ to tag it's double bottom of 41.55, and then I'll bail on all shorts.
Best of luck to you and your readers.
Red,
ReplyDeletelost 1070 on the close means lose 50 points
Red
ReplyDeleteThen we take it from there
But will not be surprised if we close at 1085 by Friday close
ReplyDeleteJay, what do you think about the bounce on Friday your monthly chart is showing
ReplyDelete@Reza,
ReplyDeleteYou mean a target of 1020 spx? I'm not sure on what the spx will drop too, but I believe the qqqq will put in a double bottom.
That's my signal to close my spy puts... at whatever level the spx is at?
Red,
ReplyDeleteI think the initial target is 980 area, from there a bounce. 950 will be good, but does not look like it as of now. 9200 on the Dow.
Jay.
ReplyDeleteDo you think they will try to put on hold below 1050 for this week and play it out next week.
S & P 500 30 MINUTES TRIANGLE UPDATED
ReplyDeletehttp://niftychartsandpatterns.blogspot.com/2010/05/s-30-minutes-triangle.html
Thank you