Jim suggested to take a look at daily charts of some secondary indexes and here is my current $RUT chart:



The green ML of a set based on big bearish 3D happens to be also a neckline of a classic head and shoulders. If bulls would not be able to defend this line next week, then a move to the lower ML should follow. This would also be a perfect fulfillment of a successful H&S pattern.
It is all the more interesting as this big bearish 3D fell dead on at the upper ML of a quite important set:

we've seen this on the way up too....a series of important numbers taken out....that series of 127's makes me think about what it is we need to see for a turn. and how does the qqq get to the 54 area

Originally posted by tx_ches


IWM 30 minute.
I've added a yellow set plus a quartile warning line (just past the 25 so not pure quartile WL) plus MAC/CCI div to show there is some support for an upward turn here. Let's be mentally agile to adapt to whatever happens.
But I agree that it'll break through lower based on overnight action in ES and TF (Russell futures).
Worth watching for the DBS.

target hit

First real test of the move off LOD:

??

So, it hit 86.25 in the overnight and promptly sold off ten points. Then, after new lows, it ran back to 86.50, where it reacted again. I don't think that level will hold this on the next upcoming attempt, though. Amazing how the levels I post before I retire seem to be reached/used.

Originally posted by jimkane

I'll keep this short, and just post the center of the areas. You know my average area width at the timeframe I usually post for. Next I'm watching 86.50, then 91. After that I'll let everyone do the work. It's not too hard to see the next levels.

That's funny, rat, because that's what I keep hearing everywhere (people saying everyone is bearish), yet every blog I read is calling for a big bounce. Every last one. Some blogs were even citing other blogs (like one I read cited Carl Futia, for example), all saying a big bounce is due any second. That had me reluctant to even mention a bounce being overdue in my post last night.

Originally posted by rat89

...every trader I know is bearish, even the bulls...

it might have to, and we'll find out soon

Originally posted by tx_ches

I could certainly see it going lower though.