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2015-09-29 15:59:46 rite01: Sure is a lot of us signed in early tonight....
2015-09-29 16:00:01 fib1618: good day 2015-09-29 16:00:06 fib1618: how is everyone? 2015-09-29 16:00:21 thespookyone: Great!, and you? 2015-09-29 16:00:29 fib1618: doing fine and dandy 2015-09-29 16:00:49 rite01: doing Good 2015-09-29 16:03:48 fib1618: OK...any questions or comments before we get started?? 2015-09-29 16:06:21 fib1618: well...let's get SC up and get started then 2015-09-29 16:07:20 fib1618: after generated a small point change on Thursday 2015-09-29 16:07:33 fib1618: the NYSE CO breadth MCO has moved sharply lower since that time 2015-09-29 16:07:52 fib1618: and bouncing higher today off of yesterday's reading of -57 2015-09-29 16:08:15 fib1618: looking at the price chart of the NYA 2015-09-29 16:08:54 fib1618: we now have bullish divergence in place between yesterday's closing lows and that of late August 2015-09-29 16:09:06 fib1618: today's price bar is also a mid range close 2015-09-29 16:09:11 fib1618: so with Monday being a down close 2015-09-29 16:09:19 fib1618: we should see an up close on Wednesday 2015-09-29 16:09:37 fib1618: for now 2015-09-29 16:09:48 fib1618: we'll call it a technical bounce 2015-09-29 16:10:13 fib1618: as we should see a snapback toward the low point seen in the MCO at the beginning of the month 2015-09-29 16:10:39 fib1618: which...as it broke yesterday, we got our expected collapse in prices 2015-09-29 16:11:19 fib1618: looking at the NYSE CO breadth MCSUM 2015-09-29 16:11:39 fib1618: and we see what could had been an inverted ledge has turned into a reversal 2015-09-29 16:12:01 fib1618: so our near term objective there is for a challenge of the -750 level 2015-09-29 16:12:26 fib1618: moving to the NYSE Composite breadth MCO 2015-09-29 16:12:40 fib1618: and the first thing we see is that we had small point change today 2015-09-29 16:12:59 fib1618: so let's expect a dramatic move in the major market averages in the next two trading sessions 2015-09-29 16:13:21 fib1618: I don't know how we can top the high volatility of late 2015-09-29 16:13:37 fib1618: but I'm sure it will turn out to be an important move in the larger pattern 2015-09-29 16:14:07 fib1618: we also notice that the NYSE Composite MCO didn't quite make it to the -50 level on Monday 2015-09-29 16:14:23 fib1618: bouncing today off of Monday's -46 reading 2015-09-29 16:14:55 fib1618: first resistance here on any further bounce will be Friday's blip resistance seen on the MCO chart 2015-09-29 16:15:20 fib1618: which leaves us with a whole lot of corrective play to work with 2015-09-29 16:15:39 fib1618: putting our Elliott cap on for the moment 2015-09-29 16:15:54 fib1618: and we noticed that yesterday's decline had a negative ratio of nearly 8:1 on Monday 2015-09-29 16:16:15 fib1618: so this tells us that yesterday was that of a 3rd wave of one degree or the other 2015-09-29 16:16:31 fib1618: going back to our discussion back on the 10th (I think) 2015-09-29 16:16:52 fib1618: if this is wave 5 from the July highs 2015-09-29 16:17:07 fib1618: the minimal downside target for the SPX is about 1860 2015-09-29 16:17:35 fib1618: a quick check shows that today's intraday low was 1871 2015-09-29 16:17:39 fib1618: so close 2015-09-29 16:17:48 fib1618: but since we were working the numbers on a closing basis 2015-09-29 16:18:05 fib1618: we're likely to see some additional price decay over the next couple of days to meet that objective 2015-09-29 16:18:07 fib1618: near term 2015-09-29 16:18:21 fib1618: we could have a itty bitty wave iv bounce here 2015-09-29 16:18:46 fib1618: with maybe any of the job's data being announced this week the catalyst to meet this same downside target 2015-09-29 16:19:00 fib1618: also helping us in affirming the Monday was a 3rd wave 2015-09-29 16:19:13 fib1618: is that the ISEE number hit new all time lows of 35 2015-09-29 16:19:53 fib1618: and usually we see this kind of climactic behavior by the unwilling or speculative group at or near 5th wave lows 2015-09-29 16:20:07 fib1618: so all seems to be folding in nicely here 2015-09-29 16:20:10 fib1618: at least for now 2015-09-29 16:20:56 fib1618: also want to again point out how the NYSE Composite Traditional breadth MCSUM was turned away from its zero line in this same process 2015-09-29 16:21:17 fib1618: so we'll have to watch how things go as we back and fill our way to the August lows 2015-09-29 16:21:38 fib1618: where any kind of divergence there would be a highly bullish event for the intermediate term 2015-09-29 16:22:20 fib1618: and would, or course, solidify the longer term expectation we've had of a tradable bottom sometime in the next two weeks 2015-09-29 16:22:42 fib1618: moving to the NASDAQ breadth MCO 2015-09-29 16:22:56 fib1618: and here we also had a small point change today 2015-09-29 16:23:13 fib1618: and with a reading of -52 2015-09-29 16:23:20 fib1618: we are now minimally "oversold" 2015-09-29 16:23:21 fib1618: and 2015-09-29 16:23:41 fib1618: well... 2015-09-29 16:23:50 fib1618: we're not diverging as yet, are we? 2015-09-29 16:24:06 fib1618: so this is important information 2015-09-29 16:24:23 fib1618: for if we do have a tradable low coming up 2015-09-29 16:24:39 fib1618: we would need to see the entire market in sync in order for this to take place 2015-09-29 16:24:47 fib1618: and that includes bullish divergences across the board 2015-09-29 16:25:12 fib1618: this then supports that we may only see a technical (dead cat) bounce near term 2015-09-29 16:25:25 fib1618: before moving to fully flush the system of the weak hands 2015-09-29 16:25:58 fib1618: we should also challenge the -750 level on the NASDAQ breadth MCSUM 2015-09-29 16:26:18 fib1618: so we have quite a bit of play there as well 2015-09-29 16:26:38 fib1618: so far...things are starting to look pretty good for an impending bottom 2015-09-29 16:26:56 fib1618: moving to the NDX breadth MCO 2015-09-29 16:27:11 fib1618: and here we bounced off the -68 level today 2015-09-29 16:27:26 fib1618: but coming up short from the -50 level 2015-09-29 16:27:45 fib1618: the NDX breadth MCSUM itself 2015-09-29 16:27:53 fib1618: moved down and through the -500 level today 2015-09-29 16:28:21 fib1618: so a challenge of the August lows there is likely 2015-09-29 16:28:27 fib1618: will we hold? 2015-09-29 16:28:37 fib1618: we'll know more on that on Wednesday 2015-09-29 16:28:50 fib1618: all dependent on any bounce we may get 2015-09-29 16:29:13 fib1618: interesting to note though 2015-09-29 16:29:34 fib1618: is that the NDX MCO has not broken below the early September spike as yet 2015-09-29 16:29:37 fib1618: and because of that 2015-09-29 16:29:58 fib1618: prices have yet to accomplish the same thing 2015-09-29 16:30:07 fib1618: remembering, of course, that breadth leads price 2015-09-29 16:30:40 fib1618: so it's not surprising that prices remain above the crash lows at this time on a closing basis 2015-09-29 16:31:24 fib1618: the SPX breadth MCO is also diverging with these same early September lows 2015-09-29 16:31:50 fib1618: and why the closing crash lows have yet to be taken out 2015-09-29 16:32:07 fib1618: this is a toughy 2015-09-29 16:33:00 fib1618: in that in order for us to have synchronization here between all the indices 2015-09-29 16:33:13 fib1618: the SPX breadth MCO will need to break the September lows 2015-09-29 16:33:19 fib1618: and in doing so 2015-09-29 16:33:31 fib1618: this will then break the August lows we see in the SPX breadth MCSUM 2015-09-29 16:33:33 fib1618: and if we do that 2015-09-29 16:34:08 fib1618: the likelihood of a bottom would in the early part of October would become a very low probability 2015-09-29 16:34:36 fib1618: for the Elliotticians...maybe a 5th wave extension would do it 2015-09-29 16:34:47 fib1618: but we're jumping ahead of ourselves 2015-09-29 16:34:49 fib1618: after all 2015-09-29 16:35:02 fib1618: we don't really know what degree of trend Monday's 3rd wave was 2015-09-29 16:35:22 fib1618: could be part of a larger extension 2015-09-29 16:35:39 fib1618: where this is only wave i of v (?) 2015-09-29 16:35:47 fib1618: OK...now we're getting confusing 2015-09-29 16:35:51 fib1618: but suffice it say 2015-09-29 16:36:03 fib1618: that every day forward becomes an important piece of this puzzle 2015-09-29 16:36:13 fib1618: and as we talked about on Thursday 2015-09-29 16:36:27 fib1618: we should have a pretty good grasp of things by this coming Thursday 2015-09-29 16:36:45 fib1618: so we'll leave the supposition for later 2015-09-29 16:37:12 fib1618: patterns are still a bit sloppy here 2015-09-29 16:37:23 thespookyone: maybe it's the first three in an extended 5th 2015-09-29 16:37:34 fib1618: could be 2015-09-29 16:37:42 fib1618: if this extends 2015-09-29 16:38:01 fib1618: did we check that number? 2015-09-29 16:38:05 fib1618: I don't think so 2015-09-29 16:38:15 thespookyone: no 2015-09-29 16:38:18 fib1618: I think we only played with .618 of 3 2015-09-29 16:38:21 fib1618: and equality 2015-09-29 16:38:25 thespookyone: right 2015-09-29 16:38:26 fib1618: give me a moment 2015-09-29 16:39:11 fib1618: heck... 2015-09-29 16:39:24 fib1618: what we just finished could had also been an "X" wave too 2015-09-29 16:39:25 fib1618: 2015-09-29 16:39:34 fib1618: so another A-B-C down 2015-09-29 16:39:45 fib1618: that would fit as well 2015-09-29 16:39:52 thespookyone: yep 2015-09-29 16:39:53 fib1618: as long as we hold divergence 2015-09-29 16:40:09 fib1618: this is why Elliott is so dangerous 2015-09-29 16:40:21 fib1618: as you MUST have the internals to help guide you 2015-09-29 16:40:31 fib1618: as all of it is based on trader psychology and what they do with their money 2015-09-29 16:41:50 fib1618: ugh 2015-09-29 16:42:01 fib1618: extension would be about 1572 on the SPX 2015-09-29 16:42:16 fib1618: I can't see that 2015-09-29 16:42:24 fib1618: not at this moment, anyway 2015-09-29 16:42:33 fib1618: but if we make lower lows in the MCO in the next week 2015-09-29 16:42:42 fib1618: that would be a different ballgame 2015-09-29 16:43:09 fib1618: OK...let's table Elliott and get back to what really counts (get it? counts!) 2015-09-29 16:43:25 thespookyone: 2015-09-29 16:43:31 rite01: got it 2015-09-29 16:43:40 fib1618: the OEX breadth MCO also did not take out early September spike as well 2015-09-29 16:43:58 fib1618: now much of this was "written" with the deeply "oversold" Open 10 on the NYSE 2015-09-29 16:44:05 fib1618: but again 2015-09-29 16:44:12 fib1618: in order for us to have a solid price low 2015-09-29 16:44:17 fib1618: ideally 2015-09-29 16:44:39 fib1618: we would need to have all of the market, not just a portion, all saying the same thing at the same time 2015-09-29 16:45:29 fib1618: and with the broader NYSE and NASDAQ MCO's already taking out their 8/31-9/1 lows 2015-09-29 16:45:54 fib1618: something has got to give with the derivatives to streamline this event 2015-09-29 16:46:26 fib1618: then we get to the Dow 2015-09-29 16:46:29 fib1618: and we're at the zero line 2015-09-29 16:46:40 fib1618: nope...this is far from over it would seem 2015-09-29 16:46:55 fib1618: but with the high degree of negative sentiment 2015-09-29 16:47:13 fib1618: we're looking for a very significant bottom when it does come 2015-09-29 16:47:18 fib1618: also remember 2015-09-29 16:47:34 fib1618: that the NYSE Preferred advance/decline line made new all time highs just this last Friday 2015-09-29 16:48:06 fib1618: so this helps a lot in maintaining that this is more of a corrective sequence then it is of a bearish trend 2015-09-29 16:48:09 fib1618: then again 2015-09-29 16:48:38 fib1618: I heard this morning that there's 275 issues on the SPX right now that are down over 25% in the last month 2015-09-29 16:48:52 fib1618: which means 2015-09-29 16:49:03 fib1618: we have some heavy hitters that are holding things up 2015-09-29 16:49:07 fib1618: or putting it another way 2015-09-29 16:49:19 fib1618: they're hiding the true weakness that's going on out there 2015-09-29 16:49:27 fib1618: and like we saw in 2000 2015-09-29 16:49:44 fib1618: once the the issues that have already declined find a bottom 2015-09-29 16:50:02 fib1618: the heavy hitters will begin to lose their appeal 2015-09-29 16:50:07 fib1618: and down the average comes 2015-09-29 16:50:12 fib1618: while 2015-09-29 16:50:15 fib1618: underneath it all 2015-09-29 16:50:31 fib1618: we're seeing broader issues begin trend higher in support of a future uptrend 2015-09-29 16:51:45 fib1618: moving to the MID price chart 2015-09-29 16:52:13 fib1618: and here we closed just .35 above the closing lows of August today 2015-09-29 16:52:22 fib1618: so no divergence there as yet 2015-09-29 16:52:45 fib1618: and according to the 8 day and 13 day ADX 2015-09-29 16:52:54 fib1618: prices are only now beginning to trend to the downside 2015-09-29 16:52:58 fib1618: that's not good news for the bulls 2015-09-29 16:53:21 fib1618: chart action looks miserable as well 2015-09-29 16:53:35 fib1618: I'm not "feeling" a bottom here 2015-09-29 16:53:54 fib1618: but do have a feeling that we're going to fail on the bounce 2015-09-29 16:54:06 thespookyone: ditto 2015-09-29 16:54:17 fib1618: small point change on the SML breadth MCO 2015-09-29 16:54:36 fib1618: and we now have the potential for bull divergence in place 2015-09-29 16:54:54 fib1618: Oy 2015-09-29 16:55:05 fib1618: ADX here is also saying a downtrend is underway 2015-09-29 16:55:24 fib1618: ouch 2015-09-29 16:55:32 fib1618: the Russel is getting clobbered here 2015-09-29 16:56:10 fib1618: the action is also negative in the SML breadth MCO 2015-09-29 16:56:14 fib1618: with a break below the zero line 2015-09-29 16:56:16 fib1618: a snapback 2015-09-29 16:56:18 fib1618: and then to lower lows 2015-09-29 16:56:34 fib1618: while breaking the 9/1 lows in the process 2015-09-29 16:56:57 fib1618: and we have downside texture as well 2015-09-29 16:57:12 fib1618: the buyers need to step in and give a solid performance near term 2015-09-29 16:57:24 fib1618: or we're likely going to correct into early next year 2015-09-29 16:57:46 fib1618: in all cases 2015-09-29 16:58:09 fib1618: Friday's blip higher in the MCO's will be the trigger to whether we've seen price lows over the near term 2015-09-29 16:58:13 thespookyone: It seems the only buyers have been the bots... 2015-09-29 16:58:20 fib1618: don't know if I can point a finger on it 2015-09-29 16:58:23 fib1618: bots? 2015-09-29 16:58:26 fib1618: technicians? 2015-09-29 16:58:32 thespookyone: machines 2015-09-29 16:58:35 fib1618: <shrug> 2015-09-29 16:58:43 fib1618: doesn't really matter 2015-09-29 16:58:50 fib1618: what does matter is that the market is "off" right now 2015-09-29 16:59:05 fib1618: and in order to correct this 2015-09-29 16:59:14 fib1618: we'll still need to see some sort of flush 2015-09-29 16:59:27 fib1618: and with market trading of late 2015-09-29 16:59:41 fib1618: where 200 and 300 point moves in the Dow have become common place 2015-09-29 16:59:55 fib1618: it would seem that a move in the 500-600 point range will be needed to really shake the tree 2015-09-29 17:00:23 fib1618: there's a lot of crosscurrents this week alone 2015-09-29 17:00:41 fib1618: just not seeing consistency here 2015-09-29 17:00:49 fib1618: maybe with the volume...we'll see in a moment 2015-09-29 17:01:18 fib1618: no divergence on the Wilshire 2015-09-29 17:01:40 fib1618: and a small point change on the TM breadth MCO as well 2015-09-29 17:01:50 fib1618: with a -47 reading 2015-09-29 17:02:07 fib1618: so we still have loads of room still compared to the August lows 2015-09-29 17:02:18 fib1618: to where a more appropriate bottom might develop 2015-09-29 17:02:28 fib1618: and until we see this happen 2015-09-29 17:02:47 fib1618: it doesn't look like we're going to get our price low this time around 2015-09-29 17:03:07 fib1618: and today was more of a technical "challenge" of the August price lows 2015-09-29 17:03:25 fib1618: the DAX and CAC have already broken below these same levels 2015-09-29 17:03:30 fib1618: so even on a global level 2015-09-29 17:03:35 fib1618: we're not in sync here 2015-09-29 17:04:10 fib1618: the FTSE is also playing "footsie" with its August lows as well 2015-09-29 17:04:17 fib1618: nope...can't see it 2015-09-29 17:04:22 fib1618: maybe I'm wrong 2015-09-29 17:04:27 fib1618: let's see how the volume data looks 2015-09-29 17:05:01 fib1618: just saw the XLY breadth MCSUM...yuck! 2015-09-29 17:05:16 fib1618: but that's not at all surprising, is it? 2015-09-29 17:06:04 fib1618: the NYSE volume MCO's seem to be echoing their breadth cousins 2015-09-29 17:06:08 fib1618: if not leading to the downside 2015-09-29 17:06:20 fib1618: the NASDAQ as well 2015-09-29 17:06:28 fib1618: as it had a small point change there today 2015-09-29 17:06:56 fib1618: small point change on the NDX volume MCO as well 2015-09-29 17:07:11 fib1618: seems there was some positioning going into tomorrow's ADP 2015-09-29 17:07:44 fib1618: the NDX volume MCO also moved below its early September lows today 2015-09-29 17:07:55 fib1618: so we'll need to see breadth confirm that 2015-09-29 17:08:16 fib1618: like its breadth cousin, the SPX volume MCO has also maintained itself above the early September lows 2015-09-29 17:08:57 fib1618: so we now know how important the crash lows are 2015-09-29 17:09:23 fib1618: as it will take a big push from both the breadth and volume MCO's below the 9/1 lows to do it 2015-09-29 17:09:31 fib1618: and with it 2015-09-29 17:09:47 fib1618: the move will probably create quite a bit of noise 2015-09-29 17:10:15 fib1618: which would also mean that the 1860 level won't likely hold 2015-09-29 17:10:23 fib1618: so that's good to know 2015-09-29 17:10:55 fib1618: if you were wondering 2015-09-29 17:11:03 fib1618: the lows of earlier this month were -54 2015-09-29 17:11:10 fib1618: today we came in at -53 2015-09-29 17:11:44 fib1618: both the OEX and Dow volume MCO's are mimicking their breadth cousins here 2015-09-29 17:11:56 fib1618: with the Dow volume MCO bouncing off its zero line today 2015-09-29 17:12:09 fib1618: so until the Dow catches up with the troops 2015-09-29 17:12:19 fib1618: prices will remain on the heavy side 2015-09-29 17:12:57 fib1618: the MID volume MCO looks identical to the breadth MCO 2015-09-29 17:13:04 fib1618: same with the SML volume MCO 2015-09-29 17:13:26 fib1618: also of note 2015-09-29 17:13:37 fib1618: is that the SML did NOT have a mid range close today 2015-09-29 17:13:48 fib1618: so, in theory, even if we have a bounce on Wednesday 2015-09-29 17:14:09 fib1618: don't look for too much with the small caps...maybe only a snapback to the August lows 2015-09-29 17:14:30 fib1618: and a small point change in the TM volume MCO 2015-09-29 17:14:52 fib1618: and with just about all of the charts this evening 2015-09-29 17:15:21 fib1618: the breadth and volume MCSUM's are showing large individual postings to the downside now 2015-09-29 17:15:38 fib1618: showing that money is leaving the markets at quite a clip (if the cumulative TICK of the last couple of days wasn't enough of an indication already) 2015-09-29 17:16:08 fib1618: so... 2015-09-29 17:16:38 fib1618: it would appear that we have minimally met our downside price targets of challenging the crash lows of late August 2015-09-29 17:16:40 fib1618: so far 2015-09-29 17:17:11 fib1618: those indices that have moved to lower price lows are supporting bullish divergence between their MCO and price 2015-09-29 17:17:41 fib1618: while others are only showing a "lessening of selling pressure" compared to the this same August decline 2015-09-29 17:17:55 fib1618: unfortunately though 2015-09-29 17:18:21 fib1618: in order for the cruise ship to begin its sweeping motion to move in the opposite direction 2015-09-29 17:19:24 fib1618: we will need to see some better consistencies between all of these same indexes 2015-09-29 17:19:39 fib1618: and so far...we're not getting this 2015-09-29 17:19:55 fib1618: and since we're only a week away from our ideal time for a price low 2015-09-29 17:20:06 fib1618: things do not look promising now that this is going to happen 2015-09-29 17:20:19 fib1618: though we could see a price low anyway 2015-09-29 17:20:36 fib1618: but it would be more within the context of a counter trend move 2015-09-29 17:20:51 fib1618: which could only last a period of days...maybe a week 2015-09-29 17:21:00 fib1618: before we again pick up where we left off to the downside 2015-09-29 17:21:11 fib1618: so we'll see how things "shake out" 2015-09-29 17:21:15 fib1618: moving to the OBV's 2015-09-29 17:22:11 fib1618: CVI's continue to show climactic activity since our last visit 2015-09-29 17:22:19 fib1618: STVO's remain "oversold" 2015-09-29 17:22:37 fib1618: and now the VTO's are as well 2015-09-29 17:22:40 fib1618: and usually 2015-09-29 17:22:42 fib1618: when this happens 2015-09-29 17:22:55 fib1618: we have seen the majority of the corrective sequence 2015-09-29 17:23:00 fib1618: only question is 2015-09-29 17:23:12 fib1618: is this corrective or a bear trend?? 2015-09-29 17:23:21 fib1618: corrective...we bounce and move higher still 2015-09-29 17:23:30 fib1618: bear trend...we drip, drip, drip lower after each bounce 2015-09-29 17:23:39 fib1618: and strangle the longs 2015-09-29 17:23:48 fib1618: slowly...methodically 2015-09-29 17:23:58 fib1618: until they can't take anymore and capitulate 2015-09-29 17:24:26 fib1618: NYSE TRIN at .63 2015-09-29 17:24:29 fib1618: short covering 2015-09-29 17:25:01 fib1618: Open 10 still scraping the bottom of the barrel at 1.37 2015-09-29 17:25:14 fib1618: NASDAQ TRIN at 1.04 2015-09-29 17:25:24 fib1618: Open 10 at 1.10 2015-09-29 17:25:29 fib1618: finally "oversold" 2015-09-29 17:25:41 fib1618: TM TRIN at .93 2015-09-29 17:25:51 fib1618: Open 10 at 1.23 2015-09-29 17:25:58 fib1618: so.... 2015-09-29 17:26:12 fib1618: we're "oversold" now 2015-09-29 17:26:27 fib1618: which is a blessing and a curse under these kinds of conditions 2015-09-29 17:26:43 fib1618: for any rebound here is likely to show a lack of "courage" 2015-09-29 17:26:57 fib1618: and when the rally "gives up" 2015-09-29 17:27:11 fib1618: prices will tend to decay that much faster and further 2015-09-29 17:27:47 fib1618: it looks like it's going to take a series of probes below current levels to cleanse the system properly 2015-09-29 17:27:59 fib1618: so the month of October could be a weak one overall 2015-09-29 17:28:30 fib1618: next FED meeting is the 27/28 of October 2015-09-29 17:28:57 fib1618: so unless we see something with "umpf" behind it 2015-09-29 17:29:14 fib1618: the market may sag lower until the end of the month 2015-09-29 17:29:20 fib1618: the one thing we do know now 2015-09-29 17:29:29 fib1618: is that if the buyers don't come in here with both hands 2015-09-29 17:29:45 fib1618: we're not likely to see a price bottom come about next week 2015-09-29 17:30:00 fib1618: not that there's anything wrong with that 2015-09-29 17:30:14 fib1618: but the next "window" after this one would be sometime in early December 2015-09-29 17:30:28 fib1618: and a whole lot of hurt can go on between now and then 2015-09-29 17:30:33 fib1618: so we'll see hot it goes 2015-09-29 17:30:39 fib1618: anything else? 2015-09-29 17:30:52 thespookyone: thx 2015-09-29 17:31:09 unc1998: Why December? 2015-09-29 17:31:20 fib1618: because if we break the August MCSUM lows 2015-09-29 17:31:26 fib1618: it's going to take about 6-8 weeks to mend 2015-09-29 17:31:36 unc1998: gotcha...thx 2015-09-29 17:32:03 fib1618: we have to always remember that the ebb and flow of the market is consistent 2015-09-29 17:32:18 fib1618: that when we break support or resistance levels 2015-09-29 17:32:51 fib1618: this is just another way to note that a secondary burn from the rocket is pushing things to even greater extremes 2015-09-29 17:33:03 fib1618: and these extremes still take a good amount of time to wear off 2015-09-29 17:33:30 fib1618: or another way to put it - even after you take your foot off the accelerator pedal 2015-09-29 17:33:54 fib1618: you will continue to move forward even if you don't give the forward motion any more fuel to extend the distance traveled 2015-09-29 17:34:26 fib1618: what makes breadth dynamics so usable 2015-09-29 17:34:42 fib1618: is that there is consistency no matter which direction you travel 2015-09-29 17:34:49 fib1618: higher...lower...sideways 2015-09-29 17:35:24 fib1618: the time it takes, and how far you'll go, all depends on the amplitude of the enengy being used to get there 2015-09-29 17:36:23 fib1618: oh...let me check the BETS 2015-09-29 17:36:24 fib1618: one moment 2015-09-29 17:37:33 fib1618: -80 2015-09-29 17:37:50 fib1618: if that holds into this weekend 2015-09-29 17:38:05 fib1618: it would be the highest number since inception of the indicator 2015-09-29 17:38:16 thespookyone: whoa 2015-09-29 17:38:28 fib1618: we had that number several times in 2008 2015-09-29 17:38:39 fib1618: never moved below it 2015-09-29 17:38:42 fib1618: just so you know 2015-09-29 17:38:51 fib1618: the next "level" after "sell" 2015-09-29 17:39:10 fib1618: is "strong sell" and that range is from -85 to -100 2015-09-29 17:39:26 fib1618: after what we saw in 2008 2015-09-29 17:39:41 fib1618: I don't think I want to see what happens with a reading of -85 or lower 2015-09-29 17:39:54 fib1618: anyway 2015-09-29 17:40:02 fib1618: we'll see how things go though the week 2015-09-29 17:40:24 fib1618: as we have one more cumulative chart that will go to a bearish configuration towards the end of it 2015-09-29 17:40:40 fib1618: the A/D and U/D lines are now supporting "trend divergence" 2015-09-29 17:41:10 fib1618: that's when the money flow lines move to lower (in this case) levels 2015-09-29 17:41:17 fib1618: but there's divergence in their MCO's 2015-09-29 17:41:50 fib1618: these type of divergences then are that of intermediate to longer term significance 2015-09-29 17:42:03 fib1618: but until they're triggered 2015-09-29 17:42:07 fib1618: they're just "there" 2015-09-29 17:42:14 fib1618: OK...if there's nothing else 2015-09-29 17:42:21 fib1618: bring on ADP and Jobless claims 2015-09-29 17:42:36 fib1618: and Janet speaking tomorrow 2015-09-29 17:42:46 fib1618: so it should be an interesting couple of days coming up 2015-09-29 17:42:54 fib1618: hope they're profitable to one and all 2015-09-29 17:43:01 fib1618: and we'll see how things look on Thursday 2015-09-29 17:43:02 fib1618: good night ` __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977