Bulls on parade? Slaughter house at 8000-8500 range.
Posted by MC on Mar 26, 2009
Updated and modified a lil.
8000-8500 is a MASSIVE supply zone. It is VERY unlikely that we surpass that supply. That should smoke the rally. If not the squeeze/rally that would ensue would be monumental and epic.
Shorts may be looking good again soon…
Posted by MC on Mar 18, 2009
800 on ES was clear resistance and a likely supply zone.
YM has a different slope and all so this rally didn’t nail the channel top but is at double resistance none the less.
Further TA showing “bottoming” action taking place
Posted by MC on Mar 15, 2009
Interesting…not the first time I’ve posted the new high/low issues on the web to show divergence.
On the NAZ we have volume divergence as further confirmation. Do keep in mind the NAZ is trending/channeling with a more realistic slope than the DOW as well.
On the DOW the volume was massive if the charting package is correct. So DOW’s volume doesn’t confirm the divergence but for that amount of volume to go in and the market to hold its trend speaks volumes to me (no pun intended). The blue chips took a beating as a whole and are holding their lows despite massive volume. What might that tell us?
Edit—
Added VIX to the charts. VIX shows divergence in terms of volatility/panic as well. HRMMM??? Doom n’ gloom is becoming less actionable as it would seem. I must be nuts, no? LOL
Dow to the moon?
Posted by MC on Mar 13, 2009
Here’s my view. Divergence into the prior gaps level. If it moves up there’s still that channel to act as resistance. A pullback seems very likely here IMO. That said I don’t think the rally is finished yet. Just have to wait and see how this holds up in the channel.
