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:

no wonder we can't get a bounce

Originally posted by jimkane

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.

Just look at that coil on the 15-min, just like yesterday (different shape, but coiling all session, again).

I don't know, rat, you'd have to find my notes when I gave the ratios and calculate it.

Originally posted by rat89

sorry jim....what is the approximate spy equivalent at the 88 area?

It should be there soon.

is this the trick?


or just another version of the creep?

i have it....9.96 june...... i think the 86 is approx 129.12 spy

Originally posted by jimkane

I don't know, rat, you'd have to find my notes when I gave the ratios and calculate it.

Originally posted by rat89

sorry jim....what is the approximate spy equivalent at the 88 area?

It seemed repetitive, and too trivial, but the minor areas were 85 and 86. It doesn't like that 86. Just watching to see if this checkback is it and up it goes, or if they sell it. Lots of tries at that 86 level.

88 would be 129.30-.35. But they'd have to come in here or it isn't very likely.

Originally posted by rat89

i have it....9.96 june...... i think the 86 is approx 129.12 spy

Originally posted by jimkane

I don't know, rat, you'd have to find my notes when I gave the ratios and calculate it.

Originally posted by rat89

sorry jim....what is the approximate spy equivalent at the 88 area?

This sure looks ready to break down. Fake down to catch stops, then snap up? Or real selling?

Top of the hour key report comes out.

Okay, the 88 technical cool thing has been invalidated with this low here.

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

Originally posted by tx_ches

I could certainly see it going lower though.