Market Update: We Have Not Seen The Lows
November 5, 2008 1:07 PM
We have not seen the lows of the day, IMO. Any and all real strength should be sold into here unless we clear these lows and reverse first. This is timing only and everything higher here should be considered a bounce, as I see things. The lows thus far are 983 on the SP and 9413 on the Dow. The odds these are the lows is slim and none, IMO.
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We only bounced up to 988 thus far….seems like if they really wanted to short this, they would bounce it higher and short it
Well, that arent that stupid apparently…. feeble bounce that last all of 10 minutes and now new low…
I think it will try and reverse selling in this 9300 area…not sure… you have to have a firm rejection of a low as i see things to be long this…. the chart is getting weaker the longer we stay down
This low of 9378 is dead on an sma I watch….it will try and reverse here I believe…we will see..
We have to reverse here i believe… the sp and the dow are near hourly sma’s and these moves higher have been supported ONLY by moving averages, IMO….we have to stop the selling in this area as i see things…
Hmmm not good, the bounce attempt has failed thus far
977 if we go much lower here i think we may see panic
Major weakness but zero signs of a low…
Testing 9000 before this is over would not shock me
we have a trend break…and we may bounce here, possibly to 985 or so…. one problem, we have no low in place still… strength is still a bounce here
actually, we are under the hourly sma and the trend is down here…. strngth could be very limited… sideways here for time would not be good… the longer we stay under 985 or so, the worse this may get
There is a ton of support in this 970 area… I have mentioned i do not believe in support bounces and view them the same as moving averages….temporary… unless the market clearly rejects a low… we havent
this is nothing more than a trend break and support bounce, IMO as mentioned
this sideways action here is in two words - not good…. they are waiting for the chart to catch up it appears for another leg down…. we have no firm low here
new lows…thats a shock, like not at all
if we take out this low in the next 5 mins, we should see a sharp pop down…. getting over 975 and holding above it, may signal the low of the day here
not exactly as powerful as I would like… but that might be it here,this low has to holld here I believe or the selling pressure may really get going here
this low is either going to hold here or the market will likely break down into the close it appears
the market made a doji on the SP….which means indecision…thats why I said it wasnt exactly as strong as would be good here…but this low does need to hold here i believe… or we may really get some selling pressure
Not good….to get everyone on board this as the low… we really needed to close out 2: EST above 350… not good not good….
we are below the hourly sma lines and it appears to be causing problems here…. it refuses to move, thus far….
they are trying to hold this low here….I think we may run to 9400 here if we can hold this low and get over 9350… anything in the 9400 range I am not sure
it is undecided….we really needed to get over 9350 here to confirm this as a possible low, and it refuses
never confirmed the low, and it was taken out, the hourly chart suggests we may reverse a little lower… or maybe not
the trenline is stopping things in this area i believe… if we do much lower…. we may see some good old fashioned panic here
these lows are hourly trendlines i believe, nothing more… I do not like this, at all
both the dow and sp made doji’s again…. this hourly trendline is clearly causing support here i believe… this sideways action is making me more skeptical by the minute
I am unsure here, same as the market apparently… dojis are hardly resounding lows… but possible
ugh, that hourly trend line caused this as I mentioned… both made dojis and took off higher…. hmmm
we shouldnt go much below 972 here … it looks like this “might” be the low, especially if we can close out 3:00 EST above 9300… which looks likely…. if we cannot… I am very skeptical
hit 972 it should bounce higher here if this low is going to hold I dooo believe
this is a mixed bag - at best… the lows were caused by a trend line i believe, made a somewhat weak dji… and sma’s may be adding pressure soon if we see more sideways… I just dont know here it could go either way into the close
yep, that appears to be it, they defended the low and moving up… how high, not sure, we have firm high all the way to the high of the day
this is not a close day, so I do not think we will see a huge up move into the close here… charts says unlikely…I am not the biggest fan in the world of this low… and sideways action… but it is possible
this sideways action, as i said is very troubling and generally leads to another leg down once the moving averages catch up…. this is not good as i see things
rejected 9350 again for like the 10tjh time…shot down and low was taken out,,, we may see 9100 into the close here… I am not sure as I have said for a week, there are zero firm lows on this move higher
this hourly channel nonsense is about 9250…. it is once again possible thats it…. ughhh I hateeeeeeeeeeee trendlines, it is such crap
come on implode this thing into the close…. these “channel” traders annoy me the nth degree
that channel is clearly broke, IMO… I have no idea of a low here, there really is nothing to stop this
whatever low we make before 3:30 is 100% meaningless
The bollinger bands, which I personally think are almost worthless suggest we should bounce in here just under 9200…. if people believe in that nonsense
9166… come on, i know i hear 9100 out there somewhere
What did i say “once the trend turns down, there is NOTHING to stop the fall”, that is why nobody has any idea here where the low is… and selling picks up selling… we have no lows
come on, down 465, lets make this an even 500
15 mins left, day traders short the futures may take profits here and see a late pop, possible…. we have no firm low still and buying this is nonsense
anyhow, who knows where we will close here, it isnt meaningful anyhow… traders are taking profits, thats all it is
you called it on the money