Tuesday, October 20, 2009

This Looks Ominous

Somebody call Storm Chasers - We got a huge ass wall could building and it looks like it is dropping a few tunnels.

/ES Weekly - Yes, that is the whole fall and the e-minis are testing the bear market top trendline. Look at Volume, RSI and STO and MACD. WOW!



/ES Daily - drill down of the above. Bear cross in S Sto and RSI with nice divergence and headed south. Volume dwindling on this run up.



Put this with the VIX in the post below and you get a bad situation soon.
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4 comments:

  1. ASDFASDFASDFOctober 20, 2009 at 3:06 PM

    I like your blog, been a lurker for a while... i like how you keep it simple and focus on the data..

    ReplyDelete
  2. ShankyOctober 20, 2009 at 3:43 PM

    Thx sellputs. Might want to change your name to sellcalls though LOL. It is not worth over complicating IMO. It is all right there in front of you if you know where to look and stay on top of it.

    ReplyDelete
  3. AnonymousOctober 20, 2009 at 5:06 PM

    are you no longer targeting the retrace?

    ReplyDelete
  4. ShankyOctober 20, 2009 at 5:43 PM

    Anon - when the BIG retrace begins I'll be there. 875 initial target ritght now. It all depends on form. Fully expect to test the lows and possibly a lot worse. I'll have blow by blow fall targets for sure. As for this mini retrace, it is possible that it has bottomed. Tomorrow being a POMO day I am staying quiet and in cash cause of potential run up that usually happens on POMO days. I' m patiently waiting on a top (if it was not yesterday).

    ReplyDelete

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