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Attached is a follow up to the 30 minute view of
SPY I posted yesterday. If you look at the yesterday post, sent at 9:27
PST, you see that the 9:30 bar was red indicating a potential
short term reversal however the follow up shows that the bar closed blue and
near the high of the bar. This happens to be the high bar of the up move that
began at 7:30. The 10:00 bar turned red early giving plenty of time to
short.
In yesterday's post I suggested that a tradable
reversal could occur at the forecast Near Impulse line at 11:00 PST( 2:00 PM
EST). On the follow up you see that instead of a reversal an acceleration to the
down side occurred and another Near Impulse line appeared for the 12:00 PST bar.
This 12:00 bar was indeed the low bar of the down move from 9:30 and the market
rallied from there.
As for Monday, SPY, DIA and QQQQ all show
exhaustion gaps and short term sell signals. My survey of the DOW 30 and NASDAQ
100 also showed a large number of stocks with sell signals in place. On the 30
minute chart the Near Impulse forecast line for Monday is at 9:30 PST so look
for a trend change around that time.
Regards,
Jim
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