Bquat's Account Talk

[RealMoneyIssues]

The SPX closed at the LOD, bounced off the daily 50MA and the 50% fib retrace from the 5/22 high, along with a TL from the Nov 2012 bottom.

I am thinking there is a bounce tomorrow, but what do I know

A gap open below the 50MA tomorrow is really bad. At that point 1540 is probably the initial destination with a brief pause at 1580.

GLTA

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Well, Japan is tanking so ixnay on the tradenay... My bounce play will be nicely in the red tomorrow morning unless there is some serious relief from European markets before the open tomorrow morning...

Oh, well :nuts:

 

[Mcqlives]

You guys did all the comments I would have, and more.

I am hopeful of a 1650ish bounce but things are real risky right now.

Nothing more to say so let's sit back and see which confirmation we get this afternoon.

 

[Bquat]

Good morning, I slept in. Well, market double bottomed in futures and we tested the 50 day this morning. Every thing looked good for the charts except we're in a bear flag right now and kind of showing weakness. I'm not convinced we should enter yet.:worried: So watching.

 

[Bquat]

Wish I could see 1620.

 

[Bquat]

You guys did all the comments I would have, and more.

I am hopeful of a 1650ish bounce but things are real risky right now.

Nothing more to say so let's sit back and see which confirmation we get this afternoon.

Well thanks. You confirmed what I was thinking. I was busy typing.

 

[Bquat]

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Well, Japan is tanking so ixnay on the tradenay... My bounce play will be nicely in the red tomorrow morning unless there is some serious relief from European markets before the open tomorrow morning...

Oh, well :nuts:

We drop 10 points in the futures but came back. Even with Japan down, the I fund is up. What gives. People may be second guessing this correction. Some of the tv guru's call for another 5% drop. We'll have to do a "go figure?". Even though we have three bullish things happening with the double bottom in futures included. This current bear flag has my attention.:worried:

 

[Mcqlives]

Wish I could see 1620.

Ladder it and you will see the potential of 1620 and 1648ish...along with 1580 and lower

 

[Bquat]

Ladder it and you will see the potential of 1620 and 1648ish...along with 1580 and lower

I will try that shortly but watching the last pattern until deadline. Cleaner chart:

 

[Bquat]

Ladder it and you will see the potential of 1620 and 1648ish...along with 1580 and lower

Post deadline ladder. No pop to the upside. Still showing weakness. McQ Ladder:

 

[Bquat]

You likey?

 

[Mcqlives]

You likey?

Honestly, No. But then I am in the markets...

I had sketched out a 30day for the climbing rungs and that looks pretty weak.

 

[Bquat]

Honestly, No. But then I am in the markets...

I had sketched out a 30day for the climbing rungs and that looks pretty weak.

Well we just had a failed bear flag. That should help you.

 

[Bquat]

I get the unpleasant chance to miss this.

 

[Mcqlives]

Ok, the blue lines can be defined as a Bull flag. The pattern supporting the blue lines can be defined as a V top.:worried: The yellow channel is a Bull flag for the purple channel. We can still pass the head test if the 50 day holds and 1602 to 1596 scares me if they don't hold.:notrust: Being within the yellow channel, making our projected down from the descending triangle and being about 5% down from our 1687 peak, I'm hoping for a bullish move. Comments welcomed.

Back to these charts?

 

[Bquat]

Well Christian is making me nervous and doesn't agree we'll bounce back up.:worried: Nightly Market Videos Just a heads up. He thinks we're in a bear market and may expect the 20 to cross the 50 in the $EMW. That follows the S fund right.

I guess I shouldn't let Christian influence me. But if I entered this morning I would of missed this part anyway.

 

[Bquat]

So are we off to new highs or what. If we don't go back down in the channel we should. If I didn't have faith in Christian, I would pounce on this like a cat on a mouse. To many buts and what if's. I have a failure to engage and that may be bad. Maybe my charts are helping those that don't have fear. Futures being down 10 points in the S&P last night had me trusting the bear flag.

 

[Mcqlives]

I checked him out last night as well. Quite a bit of doom and gloom. I am trying to keep in mind that, although we are not in uncharted territory, we are in only-once-charted territory. This makes me go back and look at the past quarter (at least) for a basis of the short term volatility. I can see a lot of 15-20 point swing days for the S&P in the future and that will make near term charting very difficult.

 

[Bquat]

I checked him out last night as well. Quite a bit of doom and gloom. I am trying to keep in mind that, although we are not in uncharted territory, we are in only-once-charted territory. This makes me go back and look at the past quarter (at least) for a basis of the short term volatility. I can see a lot of 15-20 point swing days for the S&P in the future and that will make near term charting very difficult.

Yeah we are low volume swinging and this last upward movement was bought with less volume. If I had entered yesterday I would of missed this anyway and soon I see what I missed today. The channel top is giving a fight and we'll see soon which direction wins. 1640 would be a good tweezers top.

 

[ATCJeff]

Maybe June has formed the left shoulder......

 

[Bquat]

Clean chart fo today. Gap is filled so let's see what happens when we don't have a gap to pull us up.