Here is the update of few charts from last week.
DJIA still respects the upper ML of Roofer's The Trade setup at March bottom:

That's it shmendel. If the market opened up here where it is trading now at almost 1112, that would be your upper line intersection, so it sure has popped up and favored the upside over the rollover so far. We'll likely be at new highs for the entire bull again tomorrow, but let's see, as any bad news can always drop this for a couple of minutes. Gold is nearly $100 off that recent low! The Aussie play is crankin', they want anything but $$.

Originally posted by jimkane

Yes, I have two lines there, but it has an ABCD in the CD leg, one of my primary red flags. And 'context-wise' it would have to be a W2 off the new 'bull market' high, or a BC leg of a bigger ABCD. So, the odds favor it turning back up, I think. Can't wait to see.

Now 1113 and rising strongly...

1113, 16 and 20 are my immediate areas to watch, as always, give or take the usual margin.

Today's volatility suggests that we are close to a turning point if not have it already in

Originally posted by jimkane

...We'll likely be at new highs for the entire bull again tomorrow...

Pretty obvious game they are playing, eh?

Originally posted by jimkane

1113, 16 and 20 are my immediate areas to watch, as always, give or take the usual margin.

So, it was 17. Not bad estimates from so far away, given I had no immediate data to refine this with when I posted that (do some work on the premarket GLOBEX and see what that tells you). Point is, I had the general idea what they might be thinking, which was another stop run sucker play.

Originally posted by jarek

Today's volatility suggests that we are close to a turning point if not have it already in

Yes, jarek, we are seeing a lot of things that imply this may be forming a top in here. Been saying that for awhile, but as they say, tops are processes. Here a cool chart:

http://1.bp.blogspot.com/_ZdctlOEsqMQ/SxXBR-U-OQI/AAAAAAAAC20/o2ZIkXoT-wI/s1600/spy.gif

I'm watching around 1100 next, and 1094-95. This is some nice selling.

Maybe in the current environment we needed not just 3 drives to the top but something like 3.5?





Sooner or later the price for this relentless pushing the market up will have to be paid ...

watching

Okay, I'm done with the one man show. I did enough notes, with the time stamps, for everyone to study. Have fun.