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Registered User
Joined: 2/9/2005
Posts: 42
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Black candles and Dojis, and volume is awful.
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Registered User
Joined: 3/21/2006
Posts: 4,308
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The Nasdaq is the only one having a not so great couple of days. There have been low volume market days before without a correction.
Look at the candles for the other indexes they look fine. also look at Stochastics 39,1,1 right before the last corection in Feruary and then in early May last year.. I do not see that pattern right now. I see a healthy stochastics pattern.
I quess that I am just an Optimist...
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Registered User
Joined: 12/21/2004
Posts: 902
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Plenty of white candles in my portfolio today
Last I saw, up/down volume was 60-38 on the NYSE and 47/51 on the NASDAQ - but overall volume level is meh.
Are you tech heavy, Nimbus?
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Registered User
Joined: 2/9/2005
Posts: 42
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The Feb drop was not telegraphed very well with the technicals, so it's a poor example. I see a lot of neg divergences on the MACD daily and weeklies, such as on the $RUT and $COMP. Volume drop today means buyers are done. Reversing candles on these indexes are pretty reliable. Ignore the DOW - just 30 stocks, and AA is the only reason it is up.
No matter what the FED says Wednesday, they will be blamed for the reversal of fortunes.
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Registered User
Joined: 4/18/2005
Posts: 4,090
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I also found tons of positive divergences just a week ago... I think divergences are not a great measure of anything realy.. they have value but it is limited IMO. I expect to see prices suported by the previous wide consolidation period startign in November.
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Registered User
Joined: 2/9/2005
Posts: 42
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Well - I called the TOP on Monday and it's still looking good.
On divergences - all you have to do is look at the weekly chart on GS. The huge neg divergence on the MACD tells all. We're heading down boys and girls, possibly hard.
EXITs will be jammed, so leave the party early.
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Registered User
Joined: 1/28/2005
Posts: 6,049
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A top. Probably.
(depends on how you define a top)
The top.
(doubtful)
Thanks
diceman
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Registered User
Joined: 4/18/2005
Posts: 4,090
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Well put diceman.
what do you think the odds are of markets being suported in the range of the previous high (feb)?
Just a warning nimbus... it is possible that there is a top.. or even the top but do't bet the farm on it. I personally got a bit to emotionaly involved in the "TOP" talk after feb and lost may ass in shorts. There is an article in CNN money.com about how the economy is slowing down but the market is heating up blah blah blah. I believe the market tends to precede the economy... not the other way around. When the talking heads are predicting doom and gloom ... I take it as a good sign.
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