ES Journal Archive (2006 - 2008)

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Too many bulls folks--Investors Intelligence bullish sentiment has now reached 62% which usually translates--Hyper Bearish.

All The Best, DMartin
 
Quote from vertigo3:

Spooz-Top,
when you say
"looking for 50 if we get thru 50% fib at 52.75"

how do you gauge "thru"

does it have to be a close on a 5 minute bar,

does it have to be a close on a 10 minute bar?

Is it just prints undercutting the level by 3 ticks or a point?

How do you determine whether or not the move down through a level like that is definitive?
More...

price action trades through it just like it did.....obviously if you get a spike down thru it & it hammers back up thru....we`re bullish..negating bear bias.

looks like rule of 10 is in effect..........as is dow cash/YM went 100 points as well...............10/100 rule still working.
 
My expectation (it is in the Monday blog) was that once we went through the SMA 9 on the daily chart, we would come back up to it.

This morning the DJX pretty much touched it and SPX got like 2-3 pts close to it. So now there is nothing in the way of further down to touch the lower BB....
 
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