Wednesday, October 22, 2008

SPX Intraday cycles

Well, the MCO blew up, taking a two day zig to the downside. Here's the 65 minute chart with the cycles which seem to be working and the symmetrical triangle which is forming. It looks to me like we zig zag lower into the election.

SPX 65min. cycles

A high TRIN occurs near a low it's an indication of panic, wholesale selling. Todays numbers were very skewed to the sell side, the up/down volume ratio was in double digits (depending on the data source) -- all of this makes me think we should get a bounce tomorrow.


The market remains dangerously vulnerable to the downside.

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