All supports of the multi-month trading range are now broken and the market is flashing a serious warning of an impending severe bear market.
I must spend a good chunk of the day out of office tomorrow and I will only be able to make a shortened routine in the morning. I will of course prioritize the robot setups and try to post them as usual but earlier than normal. It will be difficult for me to post or answer any question until late in the day.
Billy
Billy, agreed about the situation for sure. Here's a pivots chart that I use to give me a view. With today's close (not shown on the chart), this fall has broken through all pivot supports and is now in no-man's land with only isolated weak support starting with MS2 at 73.45.
-Mike
Isn't Q S1 at 75.24 and S S1 at 75.05? Both medium-strong supports? I can be wrong of course.Originally Posted by mklein9
Looking at the IWM daily chart I can see that current levels were reached at the end of January. I also notice that RSI is as low as it was in July 2010, and that the July and August 2010 lows look a bit like the June 2011 and current lows. Wishful thinking perhaps.
Yes I was wrong, Q S1 seems to be at 77.75 and S S1 at 77.56. Never mind.
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