Nearing an intermediate top?

[dbphoenix]

Quote from dbphoenix:

Interesting that all three index futures are holding at the bottoms of their channels. We'll see if they hold.

Channels held. Unfortunately, there's now the PDHs to deal with. Perfect conditions for chop.

 

[Free Thinker]

Quote from vhehn:

we have our event. the jobs numbers.

wow shorts cant even get a break with terrible numbers.

 

[dbphoenix]

If the bulls are in charge, bad news is good news

 

[shyhh]

Who are the buyers who kept this market going up?

 

[Sarasota]

Daily chart:

 

[dbphoenix]

Quote from shyhh:

Who are the buyers who kept this market going up?

No way of knowing. And it really doesn't matter. Just keep an eye on the volume.

 

[Sarasota]

updated $VXN chart.

 

[valleyvintner]

As a matter if interest Elliott Wave Theory would place the OEX near the top of Wave 3 of an impulse wave starting at the 384.96 low, with a likely top near 591.00. However the wave could also extend to 655.00. Hence shorting at 591.00 without other evidence of exhaustion could be a coyote-and-roadrunner situation.

 

[Sarasota]

valley...you could be right, but if are a swing trader and you did go short off the target line as I show in the first post, I think you would have been pretty safe after the sell off this afternoon with your stop at at least a break even.

 

[formikatrading]

seems more likely than intermediate term top at this point -- but stay flexible.