11 thoughts on “CHART OF THE DAY

  1. Stefan

    Yes, I sense a reverse in S&P in May,June,July, a blow off top (maybe) followed by a sharp reverse to the downside. Something like 1987? I do not know for sure, we will see 🙂

  2. Bob UK

    I see 1800 or therabouts on the S&P on your charts Gary – that would be quite an event. Watching with interest.

  3. Roland Leung

    I question whether QQQ will fall at all. Just look at today’s action on QQQ. Can’t even fall through 100!!!

  4. Roland Leung

    See. Market can’t go down. It will go back up. Your chart is just like Gartman flipping bearish. A signal to go long!!!

  5. Roy

    Dunno… I’m not buying yet. We are in the band for a DCL and today’s reversal looked solid. I would be tempted to buy follow through tomorrow… for sure if we form a swing (which it is looking like we will do, based on strong futures prices right now). But the RSI 10 and RSI 5 never got anywhere where near “DCL territory” on this decline, so I’m not fully trusting it yet. I’m thinking that sentiment never really re-set. We’ll see.

    Regardless, I think this is a little soon for another ICL. A DCL in here somewhere (tomorrow if we get the strong swing that futes are indicating right now) is more what I am looking for. The ICL should be along in March or June. Give or take.

  6. MattStats

    Yes, tomorrow may be gap gone away where the market never looks back. Feels like too many people are bearish and expecting a correction, while the most un-obvious thing the market could do is never look back.

  7. gary Post author

    Perfectly example of why I don’t short. With the Fed protecting this market you never know if a correction will be allowed to run to completion or not.

  8. Roy

    We’re late in the DC in a bullish environment. I’m thinking we got out DCL yesterday, even though it never got as oversold as I would have liked. if the swing holds, i will be putting some money where my mouth is. I don’t think the ICL was due yet anyway.

    1. gary Post author

      It looks like that to me too. I think the Fed aborted the DCL prematurely. Yellen doesn’t want to have to explain why the market is crashing at the Humphrey Hawkins address this month. Better to stop the crash before it happens than try to fix it after it already collapsed.

  9. MuffinTop

    I don’t know about this prognosis Gary my dear.. from a technical standpoint, I’m staring at what looks to be a bullish wedge/flag of sorts on a day chart of the SPY, which usually indicates the continuation of the overall trend. But perhaps I should put on my glasses…

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