Trading the SPX

Ah, the indices are lining up for a break....go, go, c'mon, hurry up...

as long as it's down of course
 
Hi guys
regarding the s & p
are we going for a double bottom and then up to the opening price to end the day ?

edit seems not !!
 
Volume still gonna come in light on the day unless we accelerate from here.

This far into the last hour it's very diffucult to read what is going on, lot's of big boys positioning for the close, they don't call this the professionals hour for nothing.
No lift in the internals to suggest any meaningfull support.
 
hi there roguetrader.. how do you get your volume information? and the interpretation? sorry if the question seems a little obtuse!
Texas going to have a big impact tonight, expecting earnings of 29 cents a share. Think they will get or better that but it will be the guidance 'a la intel' that shakes the shares post market. am slightly short so we will see. looks like the dow and co. are testing the lower ends of this tight range but we need a catalyst.
 
hi there roguetrader.. how do you get your volume information? and the interpretation?
Click to expand...
Hi Lemput, volume is for the total NYSE and the total Nasdaq, also for INDU total volume. I get it in chart form for the Nasdaq and NYSE ticker symbols $TVOL and $TVOLQ respectively on eSignal. I monitor the volume on an hourly interval chart as a rule. That allows me to compare volume today with any other day at any given time which is why I am able to comment on whether we are ahead or behind the prvius days pace.
 
SAN FRANCISCO (MarketWatch) -- Texas Instruments reported second-quarter net income of $628 million, or 38 cents a share, compared with net income of $441 million, or 25 cents a share, in the year-ago quarter. The results were helped by a 6 cents a share tax-related benefit. Revenue was flat at $3.24 billion compared with a year ago. Analysts polled by Thomson First Call had forecasted earnings of 29 cents a share and revenue of $3.18 billion. The world's third-biggest chip maker also said it plans to boost its annual dividend by 20% to 12 cents a share and its board approved a $2 billion stock repurchase plan

Up more than 4% in after hours
 
HD is the only one above 1% up trying to pull the Dow up and XOM is down 0.4% so that isn't helping dow or S&P
DD a big drag on it

Looks like a bit of a stalemate cos about 15/15 up v down
 
Or perhaps 1234/5 cos that is the height of that last shoulder of the H&S yesterday
 
Bit better volume today but I think it's all down to DD and TXN rather than any statement on the market as a whole.
Market internals quite bullish here though.
 
Joules MM1 said:
That would produce a "failed" pattern from an Elliott pov and not surprising given the next move a sharp decline.
Click to expand...
1238 appears to be the nearest top target. After all this sideways action over the last few weeks and the sideways action of the last four years the next substantial trend move should be a sight to behold....
Click to expand...

Extend tops of March 00 and Sept 00 and wonder where does it touch? ;)
 
Last edited:
Joules MM1 said:
Yep, this channel has lost its lustre....time for a new itinerary...
Click to expand...

Tops of 4 weekly candles to join the dots and to end the pattern a rising wedge.

So will it or won't it.................................
 
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