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Sunday, July 20, 2014

SPX, NYA, COMPQ: There is No "I" in T-E-I-M


My title has nothing to do with anything other than to demonstrate that "team" can be spelled with an "I," because I hate (the correct version of) that saying, and because I've just always wanted to use that as a title.  Okay, maybe "always" is an overstatement.  I've wanted to use that as a title for at least the last five minutes, though.

Anyway, this week may have a lighter publication schedule, depending on how the week shakes out. If the market starts to deviate substantially from the paths discussed herein, or screams "go long!" or "short me!" then I'll try to do an update that particular night (or "morning," as you folks who live on the mainland tend to experience it).

Let's get right to the charts.  First off is the NYA -- and the pattern here really makes me want to see new lows, either directly or after a bit more rally.



Next is the SPX, which details the expanded flat and some important levels:


No real change on the 30-minute chart from Friday's update, other than to note that the expanded flat is suddenly a bit less far-fetched than it seemed on Thursday night.


Finally, COMPQ also seems to argue for the bears potentially pulling out an upset here:



In conclusion, the chart patterns have led me to believe that the correction is still unfolding.  If bulls sustain breakouts on COMPQ and NYA, then the picture changes substantially -- but until then, the charts seem biased toward the sell side.  And yeah, I know it's a bull market and all -- so trade safe.

Follow me on Twitter while I try to figure out exactly how to make practical use of Twitter:
 @PretzelLogic

2 comments:

  1. Welcome back! There is an "i" in team.....https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcSNGurWKBi8D5WCQRhMPghv8HEgUIgJtMvN5_A_MkOWqKw2agWguA

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  2. Many thanks for this and all your other posts! Always well reasoned and well articulated.

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