We seem to be traveling 'across' the channel now, there is a suggestion that the late bounce today was the backside of the channel. I have been seeing this effect, and it often creates double tops. Still, being short, I don't like it much... Also this channel has been really a dirty affair, not clean at all...So be alert tomorow, take nothing for granted...
Update:
Here is an intraday chart courtesy of Barcharts that shows weakness at the end of the day.
The Chaiken Money flow was weak on the late day rally, and the Williams Pro Go indicator, like the fast RSI I used, indicates a top (it seems kind of upside down to me, but), not a bottom. But we'll see...
2 comments:
Mark,
Took me awhile to figure out I'd changed my cookie pref. and, thus, the word verification wasn't showing up as an image.
Anyway, watch the SPY ticker. Seems like somebody in CHI town stands on the bid big and hard when "they" want price to push higher. Intraday trade so blatant the likes of which, I've never seen before. Could it be the battle of the quants?
Have faith in your work, it's been working. At the vary minimum, price will revisit this area no matter what antics are "planned." Catching the absolute top is secondary to making money, IMO.
regards,
Hi Anonymous,
Yes, no doubt the High Frequency traders and quants are out in force, pulling things up and down. Somewhere, I've read that over 50% of the volume on the $NYA is HFT nowadays, and the little folks are being slowly squeezed out. I am gratified that the Math I use is still useful in this odd trading environment.
Best,
Mark L.
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