Descending broadening wedge on VIX hourly.  rising wedge on SPX hourly???  negative divergence rsi vs histogram.  Inverse etf, falling wedge. Gartley on SPX daily?  neg diverge on rut/comp/nasdaq.  hitting 50 sma all over the place. overbought.  Right shoulders building all over the place.  vix lower BB.

Mission Impossible

UPDATE:  11:00 PM PDT Not much to add.  Just looking at chart patterns… and see what looks like: There’a a bearish Bat pattern setting up on XLF in another .10 or so; VIX horizontal support at current prices, a falling wedge and descending broadening wedge on VIX hourly, bumping the -2 bollinger band on VIX, … continue reading →

Mission Impossible

What seemed laughable two weeks ago actually happened today, as SPX reached 1321.97 intraday — 3 cents shy of our 1322 target drawn back on June 16 by studying trend lines.  In so doing, it is within spitting distance of its IHS target as well as completing bearish Bat and Crab patterns.  It reached our … continue reading →

Intra-day: June 29, 2011

UPDATE:  6:45 PM PDT We closed up almost 11 today at 1307.41, coming within 3 points of overlapping [i] down, which seemingly everyone believes would invalidate the bearish count.  Other indices such as RUT and COMP did overlap this wave.   Here’s the daily chart again, with my original projections from a couple of weeks ago … continue reading →

Cliff Diving

While there is plenty of speculation that this will be the week we experience a flash crash, I don’t think it’s likely.  And, if it should happen, it won’t be the market disaster that many expect — for the simple reason that such severe drops almost always retrace significantly in a relatively short amount of … continue reading →

As regular readers of this blog know, I’ve been banging the ‘market tops are alike’ drum for a while  (previous posts here and here.) I view 2007 as particularly similar to the current market.  In my opinion, we’ve completed wave 1 of (1) down and are in the process of tracing out corrective wave 2, … continue reading →