Conflicting signals...

Price action says further down but volatility is not confirming it. This is a very difficult trading environment. However, selling sentiment did show up today and OEX did not even close above S1, so the anticipation is still further down. After hours, UPS warned and slashed profit forecast. If anything it is going to be a very slow bleed. Bulls believe the bottom is in and are supporting the market. Others believe this is the start of another cycle down. Tomorrow's numbers are 633, 631 and 628. An NR7 again. Break out one way or the other and the bias is down.

2c

It has fallen out of the first rising wedge and

see if it will fall out of the second rising wedge and 625 should be the target if the up trend is to continue as shown in the posted chart today. After hour ALcoa reported loosing 50% of profits and AMD warned. There were also several reported sightings of R3. Tomorrow's numbers are 639, 636 and 631.

2c

Weekend Update ... A rising wedge?

Therefore the first target is 625ish and the second target if it falls out of the wedge is the lower channel at 615ish. Conservatively, the tail of the doji was not included to arrive at 615. This makes more sense with the weekly numbers of 645, 627 and 616.

2c

Strange...

The numbers for Monday are exactly the same as today's, 637, 633 and 629. You can see it dropped to s1 and rallied back to r1 only to close right back at pivot. 3 dojis in a row and the sell signal is getting stronger. Target is still 620-625ish. Although, there is still a small possibility of an uptick. The market ignores all bad news. 80,000 job loss didn't matter. In recession, there will be increasing magnitude of job loss and until at such time that 200k, 300k job loss hitting consumer spending then perhaps the market will wake up.

2c

On track....

Today it tried to retest the new high but could not surpass it. It resembles Sept5 of last year. An intermediate trend change but has to work off the OB before climbing higher. Conservatively, the near term target is 625 and tomorrow's numbers are 637, 633 and 629. We have turtlesoupsell and turtlesoup+1 signals two days in a row. It is coming folks.

2c

No surprise...

B2 Bomber Ben kind of admitted recession by using contraction instead of the "R" word. All in all, a gloom and doom picture of the economy. Today it traded above pivot most of the time. Shorting it was patience testing. Though eod selling was to be expected. At this junction, a couple of more days of rise is to be anticipated till unemployment Friday. Especially in light of the after hour RIMM good earning report. If you look at the chart posted today you will see another upward sloping bearish channel and the estimate is downtrend starting Friday or next week. This will probably coincide with the earning season. If any of the prophetic guess of another lower leg coming, this is judgement time. Tomorrow's numbers are 638, 634 and 630. Play the numbers and you will not get hurt.

2c

Another pattern violation...only in bear market

Talk about intervention to the extremes..right out of the gate it was a buy and now above 619 the intermediate trend is up. However, every time you have buying sentiment to the peak, a retrace will follow, more than likely by eod tomorrow. The next set of numbers are 642, 629 and 622. Recognise the range change? yes a WR7 and a turtlesoupsell....in addition, B2 Bomber Ben is talking tomorrow... but as long as 622 holds we are up trend....(by the way, ISM data is below 50, we are in recession, the market seems to take the slight improvement from last month as rallying fuel on top of the billions of write off from UBS)..the market is ignoring bad news now...

2c