Update

Will post a few charts in the morning, but everything is still pointing down.

Up then down...

Vix inverted hammer and spy hammer lead me to believe that there will be a rebound tomorrow that will carry into Wednesday befor we continue down.

The green dot is the 62% retrace, note how that is basically where the gap down started. That is my target for the retrace.

Charts

BPSPX:CPC is confirmed sell...


CPCI:CPCE says to sell in intermediate term...

and finally...pressing publish would probably help with posting :-P

Still down in intermediate term...

I will post charts in the morning. BPSPX:CPC is still confirming the downtrend. I will post immediatly when the indicator says to get out.

Still headed down...

The Indices are a little screwy after the trading on Friday. But the VIX retraced 62% from the 4/12 low to the high on Friday. Normally I am looking for a bounced off the 20ma, but a bounce in the VIX right now would not be surprising.BPSPX:CPC has sharply curled over and the 20ma is about to cross the 50 to confirm the downward trend. I got out of my puts on Thursday for a nice gain and totally missed the Friday drop off. I did purchase a few calls on Friday and exited them this morning. I also purchase some may puts at the 114 strike today. Basically I am looking for a wave 3 down in the next 2-3 days.

Here is one we haven't looked at in a long time. It is the CPCI:CPCE. The 30ma crossing the 50ma down has always been a good indicator of an intermediate downturn.

Back for the trip down :-P

Everyone is looking at the Head and Shoulders pattern that has formed on the hourlies. It is fairly clear and would support the 1-2 count I have posted. However both the stochs and the rsi say that the market is currently oversold. Could that have been the P2 peak marked above? We will find out this week...maybe even tomorrow.

The stochs has spent 3 of the last 4 days outside the BB area. Still the VIX is in a downward trend. A move above 30 will be a big fat warning sign of things to come.
BPSPX:CPC has curled over and has even touched the 50ma. Looks like a good time to short.
Bonds look like they have formed a clear ABC. Of course C could technically be a little higher.

For now the market should be down for the intermediate term...after all its sell in MAY and go away :)