Inverted head and shoulders on the SPX?

Quote from fantastic4:

I'm leaning towards the bullish side for a few reasons,

1. Bullish harami

2. Support held

3. Vix dropped about 5 times more than the idices rose

4. TRIN was very bullish almost all day

5. BANK finished up

Bearish signs:

Can I get some feedback on bearish signs, I might be a bit too optimistic today
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TA:

Long term trend: DOWN

Dow Transport & XLF made new lows (LL) in Jan. 09

Indices failed to break new high (HH)

FA:

Job market continues to bleed - housing wont recover until this stop bleeding

Major banks are living on life support

stock_trad3r, a perma-bull, is still bullish. (Market bottoms are marked by abandoning of hope, which we have yet seen)
 
Quote from AMT4SWA:

BEARISH SIGNS...........

4. TARP II about to hit any day now once they come up with something (LOL!)
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I think Congress only authorized TARP $350 billions + the automakers' shares. The rest of $350 billions has to be authorized. And TARP II that Geithner proposed will have to go through Congress again....which can be tough to sell.
 
Yes, now that is something I can sink my TA into. The news seems so overwhelming to me. So emotional. Shouldn't I ignore the news as a newbie? And just focus on the TA?
 
Quote from traderyin:

I think Congress only authorized TARP $350 billions + the automakers' shares. The rest of $350 billions has to be authorized. And TARP II that Geithner proposed will have to go through Congress again....which can be tough to sell.
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Yes, but the ANNOUNCEMENT of a final plan will be bad enough.....LOL!
 
Well, when I say I'm bullish, that's not neccesarily for more than one day, or an hour or two past the open. The markets can turn on a dime, and so can I, I stole that phrase from a trader I watch. I also find it interesting that we are starting to stairstep up to the 50 sma. Interesting to see if we'll hold that high swing low or not.
 

Attachments

new lows ever so close, anyone think we head towards a triple bottom and start the new bull market everyone is talking about.....


:p :p :p :p :p
 
Quote from fantastic4:

Well, when I say I'm bullish, that's not neccesarily for more than one day, or an hour or two past the open. The markets can turn on a dime, and so can I, I stole that phrase from a trader I watch. I also find it interesting that we are starting to stairstep up to the 50 sma. Interesting to see if we'll hold that high swing low or not.
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That chart to me is more like a consolidation level where the market can breakout/breakdown either way.
 
Quote from AMT4SWA:

We have one Delta NET LONG holders zone at 819.75 to 817.00 (from 2/3 and 2/5 trading action) that has moderate levels of resting inventory. Next we have a MAJOR area of resting inventory with the Delta NET LONG holders zone at 800.75 to 797's.....it is this ZONE which is our current significant line in the sand. If the resting inventory in this zone is not defended and the market trades through, we will be on our way to rush down and make new yearly lows imo per Auction Market Theory!

Both the zones should be good for a bounce or two prior to any bust, and yesterday we had the 819.75-817.00 zone defended with a quick bounce off the 820's. Today if price trades back down to the 819.75 level area, be ready for "reactive" price action (rapid bounce or bust as price gets into this zone). We will for sure have highly reactive price action at the lower Delta zone from 800.75-797's.......price action WILL accelerate with the initiated buying or selling that will activate as this zone is entered!

Remember, price likes to trade to SIZE (areas of resting inventory), so in those zones we will get decisive bounce or bust price reactions (INCREASED initiated buying or selling that CAN BE tracked with Delta).

Enjoy the trade day and GOOD FORTUNES! :)


BTW, my last targets for my 872.50 entries are set at 817.50 and my previously held 873's/874's entries are patiently waiting for profit targets at 803.00 and 793.00 :)
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The market eventually trades to the SIZE of the 819.75-816.75 delta net long holders zones, and punches on through (we had two bounces off this zone the last two days prior to punching through, and now today we trade through this zone as the resting inventory was neutralized). I had my profit target fill at 817.50 tagged, so now all my 872.50 entries are covered. My remaining 873/874 short entries are still being held with targets at the 803.00 and 793.00 levels.

Now we have the very significant Delta NET LONG Holders zone below us at 800.75 to 797's......this area is critical for the BULLS to hold, or imo we will have a drastic acceleration of the selling as the market liquidates to NEW YEARLY LOWS! :eek:
 
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