Where is the Dow & others heading in 2005?

[roguetrader]

Internals reluctant to support this move at the moment. Declining issues on both markets still outnumber advancers by a slight margin

I should point out having said that, that levels are improving .

Nice move down out of lunch, decliners over advancers was the clue, internals did not support thre move higher, semi conductors appeared to be the only sector truly participating.
Nasdaq comp now trying to find support at its 20 day sma. Now firmly back in the prior range. Lets see do they have an afternoon surprise in store.

 

[roguetrader]

Watching for support on INDU at 10,444 200 day sma
SPX 1200 20 day sma
Nasdaq right here at 2076 20 day sma

 

[Racer]

I go out for the day and look what happens.. I sit and watch it and it just ambles along

 

[roguetrader]

NYSE internals continue to deteriorate. Nasdaq internals interestingly are mixed with Vol breadth holding near neutral. (something to watch)
Total volume higher on both markets than yesterday so iif we close in negative teritory (nothing at this point suggests we won't) this will count as a bearish distribution day.

 

[User]

Now if this market is still bullish then we need to see a bounce of 10450 towards a touch of 10500 in the last hour......


Lets see........

 

[roguetrader]

Oil futures close short of a record high By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Traders' concern that oil supplies may not be able to meet strong demand managed to briefly lift prices for the commodity past $60 a barrel for the second time this week, but crude prices closed short of a fresh record. August crude rose $1.33 to close at $59.42 a barrel, below the intraday high of $60.05. Comments from Federal Reserve Chairman Alan Greenspan against a trade war with China likely fed Thursday's rally, according to Phil Flynn, a senior analyst at Alaron Trading.

 

[john5000]

woah, what the hell was that spike down @ 20:28!!!

 

[frugi]

WTF was that!!! Scuse my French.

 

[User]

What the F*** happened there!

The Dow on deal4freee and IG popped down to 10260 for a split second....

I thought a terrorist attack had happened but it was obviously fake!

 

[User]

Maybe it was a quick sign of whats really in store......

 

[LION63]

Was that drop unique to the spread betting companies or more universal?

 

[frugi]

Futures too.

Anyone know if these'll be busted? If not I'll consider myself pretty lucky eh

 

[john5000]

YM 1&5 min

YM chart

 

[roguetrader]

What the F*** happened there!

The Dow on deal4freee and IG popped down to 10260 for a split second....

I thought a terrorist attack had happened but it was obviously fake!

Nothing on my data.
Though I am following the cash, but if it was for real it should have shown up everywhere

 

[peterpr]

Futures too.

Looks genuine - ESignal & IB shsowed it.

I missed most of the down move to 10520 but opened there with no limit orders to profit take - then went and made a cup of tea so I'm still holding them. Didn't have the order book open either. Probably a flood of at market shorts (or one enormous one) that soaked up the entire bid side. The order books on both the YM and the ES look pretty thin right now too, so there's a lot of 'at market' trading going on.

 

[karmit]

nice day! - much needed correction.

 

[roguetrader]

Close at the lows, gonna leave some ugly candles on the charts, clears up any overbought concerns
Looking like about a 20% increase in volume on NYSE and Nasdaq.
INDU closing below 200 day sma, not a good sign.

 

[frugi]

Last post on the spike I promise. Certainly genuine by the looks of it ....

(just a snapshot)

I pity the trader who sold at 10294 (LOD - not marked on snapshot)

 

[karmit]

I think its going to test 10320 very soon!!

 

[bakula]

How come ALL the flipping tech analysis was bullish...what the *** happended today? I sat and watched my long suffer\!!!.....then hedged ....took loss......User......thanks for the warning mate....i was trading on what i could see on the charts.....could not "see" this!
Gosh! what a day.....i am happy with the hedging decision but could have taken the loss sooner! live and learn hey!