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Public blog posts only as education and entertainment. private membership market updates reflect my view and analysis of the market. The information contained on this website and from any communication related to the author’s blog and charts is for information purposes only. The chart analysis and the market comments do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor. And i absolutely discourage trading options.

Tuesday, May 8, 2012

market update - volume indicator; $spx

May 8, 1:55 pm ET (24th member real time intraday update of the day, May 8)
market update - volume indicator; $spx
red bars selling volume continue to be abated, indicate a day low is most likely in place. watch the blue TL for sign of renewed selling pressure. awaiting the V.I. ribbon band to come down to meet with the primary in the oversold level. $spx day low at the brown trend line.

after the market close (May 8):
it's funny that so many bulls come out claiming victory while today's low was an easy catch in real time in so many aspects... spx, rut, eur uup, vix, volume indicator, fear factor ...
today still is a down day, the biiggest down is from (precious) metals.
where were those bulls when djia was down 198 points while licking their wounds.
and so many bears were looking for high retrace of minor 2 or even new high in past days. and most of them probably did not expect today and last few days' plunges, and were everyday looking for higher price before this plunge.
imho, bksw has not change the color yet, the color still is black. the roadmap still is ruling.

imho, in this strong down cycle, the primary preference for the next day should mostly be looking down, not up, no matter how you numbered your ew. up only is an alternate, not primary counts.
the opposite during a strong up cycle.