The bear market rally is now done - Monday starts another downtrend - see attached

Quote from tradingbug:

Sure, we bounced of the prior support and could easily be in that range you mention(70's style) IF that support level holds. If you think this bear market is worse than the 2001 bear market, we will blow through 750 and test the next support level. Personally, I think this bear market is much more sinister than the one we saw in 2001.
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Read my mind. See attached. I'm thinking we're around where that circle is.
There was a retest within that circle, so maybe the OP is right, although whether it starts precisely on Monday? But overall, the direction from here should be up until we get to the top of the range. After that, it would probably be best to hide under a rock for five or ten years.
Figure the gov has the ammo to reflate this time. Won't the next time, nor will there be any confidence left in it. Or any other big institution, for that matter.
 

Attachments

This quick chart I made below made a great case for getting into the market back last year. Look at the two bottoms with volume. Fabulous. This was the time to get long, right???


 
aren't these prolonged low volume moves always met with a FURIOUS VENGEANCE?

(but then i again i made $2.40 on friday)
 
Quote from Port1385:

Monday will come and we will see what happens when all the traders get back to their desks.

Why argue with the chart? Trade the chart and the chart says we must re-test the old lows. Hopefully, the trap door wont open up on the re-test for all those that are long.

ImageProxy
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"Monday will come" - NO DUH
"We will see what happens" - Such conviction

"Why argue with the chart?" - You are arguing with it trying to persuade everyone to your view

"Chart says we must re-test lows" - Huh? Since when? And who says? You?

"Hopefully, the trap door wont open up" - You won't make a very good palm reader, thats for sure.

Its posts like these that make me wonder if there are any EliteTraders here.

The market will do anything it damn well wants. It don't give a shit about you. You can draw all the lines you want, look at the chart all you want but it wont matter unless you have the balls and money management to follow through.
 
Unemployment rising every week, can expect nothing but more layoffs, more banks going under, outlandish government spending, ES rising on lite volume.

Going to buy more Puts.
 
Quote from MrktObserver4u:

"Monday will come" - NO DUH
"We will see what happens" - Such conviction

"Why argue with the chart?" - You are arguing with it trying to persuade everyone to your view

"Chart says we must re-test lows" - Huh? Since when? And who says? You?

"Hopefully, the trap door wont open up" - You won't make a very good palm reader, thats for sure.

Its posts like these that make me wonder if there are any EliteTraders here.
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It really does make you wonder if there is any intelligent "life" or TRADERS ( for that matter ) on ET.

It also brings up the thought that perhaps this website is so dull and void of any useful VALUE that the owner of the website pays college kids to make posts on ET during their free time in order to keep web-activity up. I mean, the OP has already authored 9 posts to his credit this morning! This thread certainly does make you wonder . . .

Someone posts a chart of the market with absolutely no specific technical analysis comments presented whatsoever ( except for a vague unidentified BLUE line ) and then comes to the specific TIMING conclusion that the old lows will be re-tested with the downtrend continuing on Monday?

Give me a break.

I'd take far more confidence in the Stock Trader's Almanac pointing to statistics that say the second trading day of January has the strongest probability of being an UP day in the DJI.
 
Quote from Landis82:

It really does make you wonder if there is any intelligent "life" or TRADERS ( for that matter ) on ET. It also brings up the thought that perhaps this website is so dull and void of any useful VALUE that the owner of the website pays college kids to make posts on ET during their free time in order to keep web-activity up.

Someone posts a chart of the market with absolutely no specific technical analysis comments presented whatsoever, and then comes to the specific TIMING conclusion that the old lows will be re-tested with the downtrend continuing on Monday?

Give me a break.

I'd take far more confidence in the Stock Trader's Almanac pointing to statistics that say the second trading day of January has the strongest probability of being an UP day in the DJI.
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Exactly. I'd rather have statistics than some hacked up technical chart by a noob. Everybody sees what they want to see and most often they are dillusioned. Very few have the balls to follow through with commitment and a game plan. Thus, why even ask.

Dont get me wrong, charts are helpful but they are just one tool in your arsenal.
 
Quote from regal_2012:

ok, good

Im on the otrher side of your trade

lets see who wins
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Maybe both will win. I've shorted a stock at the same time my fellow trader went long and we both made a profit within 30 minutes.
 
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