Thread: tsptalk's Market Talk

First test of the 15 min 200 EMA since 16 Jan where we gapped up 2+ points. gap gets filled at 1076.75 any takers?

Attachment 8492

I would like to see that 1076 gap get filled today if possible, with a snap back rally to about 1095 by the close or early tomorrow. Probably too much to ask for.

These Consumer Confidence reports are like sentiment surveys in that they are good contrarian indicators at extreme readings. Today's was very much below estimates and a good scare for investors.

I'm going to illustrate this in Friday's commentary, but if the comparison to the 2007 market (as bullitt mentioned several posts up, and I noted in the 2/23 commentary), then today's sell off (maybe into tomorrow) should be close to the low for this push down, before starting a new leg higher.

If the S&P continues down next week, the comparison is all but dead.

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Looking forward to the commentary. Looks good. Here to hope and a prayer .

Nice side-by-side comparison, Tom. If this were Facebook, I'd click "LIKE".

If this were guaranteed i'd click "interfund transfer"

Well....since I bought in 50% in the last few days....I certainly hope you are right!

Lobo

This doesn't have to rhyme exactly of course, but the closer the better as it depicts a drawing, if you will, of investors' reactions and emotions during a similar situation.

That said, if you notice below that at point "F" in 2007, the market closed well off the lows, and above the 20 and 50-day EMAs. So, I think it is important that this afternoon's rebound holds and we don't close back near the lows (there's about 50 minutes to go and the S&P is down about 4 points after being down over 1%). This keeps the rhyme going and the future reaction more predictable.

Originally Posted by tsptalk

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Nice.

Another similarity between 2007 and now is that volume was well below the 50 DMA.

Another similarity between 2007 and what's happening right now is that volume is well below the 50 DMA in both instances.