Comments on: Hewison Video Asks Has the SP500 Broken Support?

By: Dan de Man

Dan de Man — Wed, 04 Nov 2009 03:05:05 +0000

Looks like the VIX is rolling over…

By: terlyn

terlyn — Wed, 04 Nov 2009 01:49:54 +0000

I see a triangle pointing up on SPY from yesterday. Could break to the upside?

By: terlyn

terlyn — Wed, 04 Nov 2009 01:15:04 +0000

Looking at SPY year to date, if we are seeing a rounded reversal, it hasn't made the second bump yet to bring the sellers outweighing the buyers. Also, yesterday was a positive doji and today couldl be a bullish engulfing pattern as of 3:14pm. This could change by the end of the session.

By: Dan de Man

Dan de Man — Tue, 03 Nov 2009 23:59:27 +0000

Yes I have to agree with you; I also try to be neutral in my trading. And its very frustrating to not have some real panic selling to make it a safer long. I like going long and short but the stochastics are starting to point up but as we all know anything can happen.

By: Corey Rosenbloom, CMT

Corey Rosenbloom, CMT — Tue, 03 Nov 2009 23:47:14 +0000

Ouch – another one? I try to be neutral biased in my intraday trading, but just have to wonder like 95% of the rest of the trading community when a sell signal will actually 'work.' I've never seen anything like this.

Someone on TV described it as cramming for a college exam and drinking lots of coffee to stay up late all night. After the exam is over (hopefully not during the exam) … you crash and the after affect was worse than if you'd just gone to sleep a little late instead of pulling an all nighter.

By: Corey Rosenbloom, CMT

Corey Rosenbloom, CMT — Tue, 03 Nov 2009 23:44:27 +0000

The way the market has been making minor wave patterns up and down, there's definitely ample reason to believe that will continue.

In that event, a break of a head and shoulders pattern – akin to what we had in June – will be a powerful (and obvious) sell signal.

But will it fail just as miserably as the July trigger short? That's why I feel the 1,000 area is of utmost importance to watch.

By: Dan de Man

Dan de Man — Tue, 03 Nov 2009 23:42:28 +0000

I vote bear trap. One option for safe trading is scaling in. Half now and half when and if we break the 10 day ema or 3/10 crossover.

By: terlyn

terlyn — Tue, 03 Nov 2009 23:28:28 +0000

I vote for the second option…head and shoulders.

By: Dan de Man

Dan de Man — Tue, 03 Nov 2009 21:05:05 +0000

Looks like the VIX is rolling over…

By: terlyn

terlyn — Tue, 03 Nov 2009 19:49:54 +0000

I see a triangle pointing up on SPY from yesterday. Could break to the upside?