The Fat Lady has sung, and I think the Market is Toast. What I think doesn't matter; but what I see is a 4 week up-trendline handily broken. Tuesday was a NR7 on the dailies, at the Top; we are opening below yesterdays low as I type, close to a 15 point gap, which is a fromula for a possible trend day. They didn't like durable goods at 8:30...in this "environment" do you think they are going to like new home sales at 10:00? Probably not...and how did the "environment" go from happy to not happy so quick? They said the recession was over last year. C'mon bulls...this is a buying opportunity.
Pardon the cynicism...there very well may be bulls out there that believe exactly that, not only can the trendline break around 82 be tested, we could go higher to kiss the underside of the trendline...which would be a double top, or possible new high.
Back to today: A trend day should kick off with heavy selling...establish a temporary swing low mid morning...make a try for some kind of a swing high, then return to more selling with a close at the lows. If I were to guess, I'd say Yesterday's Lows will be it to the upside...but if not....the 77-82 zone would be next, and negate a trend day pretty much.
1965 is pretty much "desert center", in the middle between the two closest volume value areas of 1977 and 1953. We've already done a standard range move for the day with the overnight session, again a trend day will leave average true range in the dust...if not, we'll have a range of some sort.
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