The NYSE Composite (NYA) is at resistance. A pullback is in order. It looks like a cluster of Major Accumulation Days, therefore any weakness is likely to be followed by a rally to the declining 50 day EMA (red line). This is a counter trend rally and a short covering squeeze. This is the kind of Bear Market Rally that will rip your face off (before plunging to new lows).
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3 hours ago
4 comments:
These charts also show the possible legs of this rally:
75 for SDS
http://kennystechnicalanalysisblog.blogspot.com/
800 is a minimum target for the s&p
(1000 and 900 acted previously as resistance)
http://www.dshort.com/charts/bear-recoveries.html?current-bear
the rally will imo ignore 'standard' negative news (versus exceptional negative news) and extend to a monsterrally (1000 for the s&p) if we get more (imagined or real, false or true) 'confirmation' that the economic-financial situation is stabilising
Great call again (intraday pullback).
It's not only the nyse that might rally to the 50 days ma, the 50 days ma of the s&p coincides with 800:
http://quotes.ino.com/chart/history.gif?s=CME_INX&t=l&w=15&a=50&v=d12
@ Ninja
NICE. Hope it plays out, I'm long.
@ None
Glad someone else saw that dshort graph. I posted on ES my 'underthinking' analysis that we had a few more percent (at least) to go back up based on that chart. I didn't get pooh-poohed, but I did get a a lot of 'whataboutthisandthatandthisandthat'
Looks like you nailed this one. Well done.
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