We're looking toppy....

What was really interesting about yesterday's end of the day "suprise" rally, is that i think it took many by surprise. Yes, spoos could not make new lows, but trin and trinq indicated that there was a decent amount of selling pressure.....especially on the nazcrap. Also, down volume was greater then up volume, although not by much on the NYSE. I guess it is tough when the markets appear as if they are going lower and then they rally all of the sudden. And I mean all of the sudden.

It will be interesting to see what happens today...
 
Wow, what a day. I did manage to pick some OEX puts up this morning and they did quite well.

Now the question is, will we continue to go down now, or will we bounce of off support levels?????:confused:
 
July 30th, Aug 1st shows Double top resistance
It will likely retest previous low.
After that, we can see where the market really goes!
:D
 
Gap fill for a start maybe huh,failing to get above that MA ain't painting a long picture,for the nas anyway
.....mind boggling stuff ain't it Gordon
 
Comp failed the 20dma, SPX, Indu closed back below the 20dma. Many watch the 20,50,200 ma's for inflection points. We move down and try to form a W probably. Or not. The #'s in the a.m. will exacerbate whatever happens.
 
At this point, my target on the downside is the gap in the spoos. If we look weak and it doesn't look like that gap will hold, I'll hang on to my shorts and puts.

Someone yesterday on this thread mentioned the buying pressure that came in during the afternoon yesterday.

Today we saw the same thing.....Happened from 3pm EST to about 3:30pm EST......the nyse tick went from 0 to 1000 like three times!! Someone was trying to keep this market propped. Probably the PPT. Amazing how they can just have the big boys pump up the futures and keep things up like that.

Ultimately, the selling pressure was too much. The naz is going to die.
 
08:30 Nonfarm Payrolls Jul
08:30 Unemployment Rate Jul
08:30 Hourly Earnings Jul
08:30 Average Workweek Jul
08:30 Personal Income Jun
08:30 Personal Spending Jun
10:00 Factory Orders Jun
 
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