For the first time since Nov. 5, the majority goes bearish in the American Association of Individual Investors survey. Bearish sentiment rose to 50.9%, up 17.2 points, while bullish investors fell to 29.8% and neutral to 19.3%
Hey carl i started doing something different this year based on some things i looked at last year . basically im using a 30 minute chart that i put in excell if the 30 minute bar is up i put in plus 1 if down minus 1 from the april 26 peak we have been in a down trend ( obviously ) yet on from 0930 to 1230 we went down and since that time frame the market based on this has been in a trading range of up for about 5 30 minute bars and then down for about 5 30 minute bars like clock work. at this moment we just reached the top of the range and if this next bar is an up bar then there is a case to be made that the market at least time wise is turning to the upside. if we are going to stick in the range then we are due for 5 30 minute down bars . we are at interesting juncture . joe
carl ill follow up on this a bit frm may 24 at 0930 to 1230 pst we have been in a sideway range up up 5 30 min bars and down 5 30 min bars . the last bar this morning at 0900 pst was a down bar hence the range is still in tack . how ever depending on how price reacts once we see 5 30 min bars down we would then look for 5 30 min up bars . so far 2 bars have been down . if all 5 in a row were down bars we would be looking for a swing low at 1100 pst today followed by a rally into the close and probably early friday . joe
3 comments:
For the first time since Nov. 5, the majority goes bearish in the American Association of Individual Investors survey. Bearish sentiment rose to 50.9%, up 17.2 points, while bullish investors fell to 29.8% and neutral to 19.3%
Hey carl
i started doing something different this year based on some things i looked at last year .
basically im using a 30 minute
chart that i put in excell
if the 30 minute bar is up i put in plus 1 if down minus 1
from the april 26 peak we have been in a down trend ( obviously )
yet on from 0930 to 1230 we went down and since that time frame the market based on this has been in a trading range of up for about 5 30 minute bars and then down for about 5 30 minute bars like clock work. at this moment we just reached the top of the range and if this next bar is an up bar then there is a case to be made that the market at least time wise is turning to the upside. if we are going to stick in the range then we are due for 5 30 minute down bars . we are at interesting juncture .
joe
carl
ill follow up on this a bit
frm may 24 at 0930 to 1230
pst we have been in a sideway range up up 5 30 min bars and down 5 30 min bars . the last bar this morning at 0900 pst was a down bar
hence the range is still in tack .
how ever depending on how price reacts once we see 5 30 min bars down we would then look for 5 30 min up bars . so far 2 bars have been down . if all 5 in a row were down bars we would be looking for a swing low at 1100 pst today followed by a rally into the close
and probably early friday .
joe
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