Today calls for a cycle convergence258bars at 10:30
neg energy at
10:19 am
2;37 pm
3:48 pm
60bars at 3:30pm might allow for a late rise off that pivot
The down trend continues for NOV
but internals are becoming oversold somewhat and a bounce Ths & fri would be warranted
Jaywiz ratio = .59-- is still borderline
Would like to see a Jaywiz index under 20 at least 3 times in the last 10 days of Nov
Nov 29/30
144 tr days May 6th
89 July 26
Neg energy & readings
but the 30th calls for a better days ending
Day before & After T day are usually thought of as positive, but in a downtrend
this rule of thumb might not be applicable this year
Jay
3 comments:
ANOTHER WAVE Assessment
If a sideways triangle is forming, we may have seen the lows for this wave (4) move Tue! sday, with four other oscillations to follow, each wave smaller than the previous. The McClellan Oscillator is at an oversold level Tuesday, as is our percent above 10 day indicator. Also, the VIX has positioned itself to trigger a new buy signal as it closed above the 2 standard deviation Bollinger Band. Once it closes back inside the upper and lower bands, a buy signal will be triggered. If wave (4) down is not forming a triangle, but is forming a flat, we would expect prices to fall toward downside targets of 1,160ish in the S&P 500 and 10,800ish in the Industrials. There is an outside possibility wave (4) drops all the way to 1,130ish in the S&P 500 and 10,500ish in the Industrials before wave (5) up takes prices higher into year end. We have a phi mate turn date due in late December, so that could represent the timing of the final high for wav! e (5) up of C-up of (B) up.
GOOGLE search finds
DAY TRADER EKG
Jaywiz blog is now
9th from the top of the page
Jay
Ttomrrow's EKG does SHOW the mkt moving higher at least part of the day as the whole Day's FEED is not yet complete
SO any lower levels will have to come later today and early tomrrow
Jay
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