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A Fast Forty?

February 26th, 2009 at 11:50am · 4 Comments

The 60 minute chart is deteriorating as we suspected it might in last evening’s blog post. The tick cycle-trap looks like it will confirm a negative divergence when this bar closes at 12:30 PM ET.  Raw tick and RSI negative divergences were registered at the close of the 11:30 bar. Those are the red and yellow dots above the price bar.  It appears that we are primed for a fast move to the lower channel, which is 40 points below current prices.

click chart to enlarge

Tags: General Market Commentary · S&P 500

4 responses so far ↓

  • 1 LovesBeta // Feb 26, 2009 at 10:08 pm

    Thanks Chris for this timely chart today and the one yesterday. I was watching 778 yesterday and today, and market just did not seem to have any umph to break that over head when it got to it. The 30 minute charts of different indexes for the past few days were also showing divergence between lower multi-bumps of MACD histograms, and higher prices by the noon. The bull case may not be done yet short term, but it sure does not look good any way it’s looked at technically.

  • 2 fwiw imho // Feb 27, 2009 at 8:59 am

    and a ditto thanks from me. I was testing the long side – read your post and decided the reward wasn’t worthy the risk. wasn’t forty, but saved me 30. :)

  • 3 Jon Eeles // Feb 27, 2009 at 1:32 pm

    all the messages from the Trash folder]
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    Thank you
    Friday, February 27, 2009 6:21 PM
    From:
    “Jonathan Eeles”
    View contact details
    To:
    “Chris Carolan”
    Hi Chris. I have recently had a bit of luck with the emini for a change. This has been helped in part by of some of your timely analysis posted on Pay Attention. Thanks for your generosity in sharing your observations and methods. As a small token of my appreciation I have made another donation to Pay Attention.

    Best wishes

    Jon Eeles

  • 4 chris // Feb 27, 2009 at 2:37 pm

    thanks!!

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