No, I don’t mean any victories or anything like that. I just mean that intraday prices went up and down a few V’s
Sell in a rush – buy in a rush – sell in a rush – buy in a – you get the picture
So, why is that? Why so many Vs? Maybe buyers sit content and shorts think the coast is clear and short a little. Then buyers come in and squeeze them out – and again.
This is what I wrote in the morning:
“5-min chart got nicely oversold, that may give the system some shorts to cream.”
Seems like it worked like that, but who knows?
This is a weekly chart
Price is hitting the mid-line of the blue channel. We are in the 5th week of the advance. It won’t be record finishing the 5th week in green. The move from March 2009 went with 9 straight weeks in green before correcting a bit. The move from Jan 2010 had 6 green weeks as a part of it. From a weekly point of view, any drop that stays above MAs (1090-1100) may just be a correction.
This is a daily
So far, the breakout is intact.
There is not much to say that I have not said. Not much to do either. I am just waiting for the market to make a move. I personally would like the market to spend some time going sideways and thrash some trading capital before doing a move.
Daily volume expanded but came about average. Daily breadth was good
As market opened and sold fast, breadth was poor, but it turned around with price and finished the say nicely positive. Maybe some of it was because of some hapless shorts covering all across the market, but hey, rallies have to start somehow.
Notice how price is making a tight box between 1130 and 1150. Bulls have to get above this or they may give the appearance of falling to an Inv. H&S
McClellan Oscillator turned up from around neutral.
This is a 60-min chart
Are we really dealing with super bullish count?
Even if so, it may be following this count
We need expansion in momentum and breadth to perhaps indicate that 1120 was the beginning of a smaller degree wave 1 up. Breadth did alright today. It needs to keep doing alright. Momentum is still behind and needs a good push
A move below 1140 may indicate a change in short term trend.
OEW pivot support at 1146 and 1136. Pivot resistance at 1168 and 1177
Long term trend is up. Mid-term trend is up. Short term trend is up (keep an eye on 1140 and 1120)
Have a Nice Evening!
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago