Inverted head and shoulders on the SPX?

Today the $VIX gapped open at 48.14 (bearish to the market) in early morning trading. The high of the day is 51.18 and the low of the day is 46.96. The closing candle is a spinner resting on the 50 sma (46.83) as support. The fib retracement is slightly above the intermediate (46.76) as it closed at 48.66. The next fib target is the 38.2% (54.64) area ...which is quite a distance away. The upper trend line of the symetrical pattern was breached today before the decline back to 48.00 -49.00 trading range.
 
Quote from AMT4SWA:

My next targets will be scale outs of my Rydex 200% Inverse S&P500 positions with any trading of the ES from 785's down to 715's. If the ES trades below the 715 level in the weeks ahead, then I will still have 50% of my remaining held Rydex positions to take advantage of additional major selling into the 600's (hopefully that will not happen but you NEVER KNOW!) :)
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Market (ES) is now trading at the 785.00 price target, so I am covering my first scale out level for held Rydex 200% Inverse S&P500 positions.......next scale out target will be as the ES trades through the 770.00 level. :)
 
That was great watching the fools rally this morning. That was a very clean sell off of 796.25, which was clear resistance. We've broken the low value area, and it's now acting as resistance, so I'm looking for a continuation down.
 
Quote from fantastic4:

That was great watching the fools rally this morning. That was a very clean sell off of 796.25, which was clear resistance. We've broken the low value area, and it's now acting as resistance, so I'm looking for a continuation down.
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oversold. we should end green.
 
Quote from stock_trad3r:

oversold. we should end green.
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Nope.....new low at end of day.

Standing by for my next Rydex 200% Inverse S&P 500 scale out target as ES trades through 770.00.........targets after that are at 755.00.......735.00.......and then 715.00 :)
 
Quote from AMT4SWA:

Nope.....new low at end of day.

Standing by for my next Rydex 200% Inverse S&P 500 scale out target as ES trades through 770.00.........targets after that are at 755.00.......735.00.......and then 715.00 :)
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Agreed AMT4SWA...$SPX did indeed reach a new low and blow past fib retracement 0.0% (798.28) on the daily chart. The closing candle reflects bearish sentiment as the low today is lower than yesterday (788.42) ...the 750.00 target looks very attainable.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p33248965723&a=160452275&listNum=1

Here's a good explanation of the put/call ratio...

http://www.freetradingvideos.com/vlog/default.asp?Display=817
 
Quote from Dogon566:

Agreed AMT4SWA...$SPX did indeed reach a new low and blow past fib retracement 0.0% (798.28) on the daily chart. The closing candle reflects bearish sentiment as the low today is lower than yesterday (788.42) ...the 750.00 target looks very attainable.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p33248965723&a=160452275&listNum=1

Here's a good explanation of the put/call ratio...

http://www.freetradingvideos.com/vlog/default.asp?Display=817
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Yes......I have studied Put/Call Ratio's in the past............. http://www.hamzeianalytics.com/

Well about 30 points down to go and we will see the fireworks......then we will see what happens. :)
 
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