March 15, 2007
Passing Tests within Failure
Post mini-crash, there were the classic Three Little Indian pushes down and then today the big test…
But the trend on the daily flipped down with the mini-crash…
So all countertrend rallies on smaller time frames will be looked at as potential shorts.
Cat: | Time: 9:13 am (utc+8)
March 15th, 2007 at 1:40 pm
so you think the market will go down further? I thought if this SPY can move above your shorting area, it is bullish.
March 15th, 2007 at 3:52 pm
zi: I have no idea what the market will do, but a short-term trader would still be approaching things with a short bias here, until the trend on the daily flips back up.
March 15th, 2007 at 5:51 pm
appreciate your thoughts. I agree the trend is down and it will likely stay this way for 3 or more weeks, imo. however, I would be interested in seeing if this bounce can pass over SPY 141 area.
March 15th, 2007 at 8:04 pm
zi: The trend could reverse tomorrow, who knows? I try not to guess ahead in time.
March 16th, 2007 at 7:14 am
Agree that the trend is down until we can get a rally day with good upside volume. All of the “rallies” after the mini-crash were in light volume. Until we see volume grow on the upside I’ll be suspicious of the market.