Henry Ford's MarketWatch LIVE!

4:16 PM

Here is another view of the close.
I have superimposed Fibonacci retracement lines from the previous low to yesterday's high and you can see we closed almost exactly on the first retracement line and the 50% retracement is ......you guessed it...1010...right at the gap
:: Henry Ford ::

4:03 PM
GOING FOR THE GAP
From all appearances now they will run the SP500 down to close the gap tomorrow morning which will coincide with the cycle low that is due. I have attached the recent chart that shows the developing pattern.

You can see the RSI 12hr is at about 30...Ideally we would like to see the closure of the gap coincide with the reversal of the RSI to confirm. We are looking at 1011 as short exit and reversal of RSI as new entry point.
:: Henry Ford ::

2:06 PM
STILL WEAKER...
We still haven't hit 12hour cycle low yet, so looks like we will get more weakness at least for the next hour...maybe rest of the day...As usual last hour will be used for setups for tomorrows action.
Running stops now.. !2Hour RSI levels now in the low 40's and dropping, which is right on schedule to reach oversold conditions
:: Henry Ford ::

1:45 PM
COULD POSSIBLY BE A SHORT TERM DOUBLE BOTTOM

Here is the SP500 Futures 15 minute chart...We anticipate a cycle low late today or tomorrow, Next real pivot point will be the 2PM-2:30PM time frame when traders get back from lunch.

:: Henry Ford ::

12:22 PM
LUNCHTIME
Expect things to wobble around a bit till 2-2:30
Time for Lawn Bowling
:: Henry Ford ::

11:56 AM
GAPS CLOSED ON SP AND DOW
NASDAQs still have some work to do here, but getting close going into the noon hour.
91% of industry groups are now positive on the day, while 100% of sectors
DOW has 87% of stocks positive on the open while NDX drags at 61%.
:: Henry Ford ::

11:37 AM
HERE IS THE DOW AT 11:30

As you can see, the red line represents yesterday's high and the resistance for this move.
RSI hourly is rising again...(yellow line) and MACD 12hr remains in positive territory, but has come down considerably from the extreme position we were in yesterday morning.
:: Henry Ford ::

10:56 AM
SP FUTURES HOURLY CHART ...

As you can see, the RSI Hourly has worked its way down quite nicely while price hasn't given up too much. We now have a gap above from this morning's open and a gap below from yesterday's open. You can also see clearly that we are due for a cycle low here near the end of the day or early AM. Middle trace is the MACD which just crossed over its half-span moving average line...bottom is OBV which is innacurate for SP
:: Henry Ford ::

10:25 AM
PUT CALL RATIOS
Here are current ratios on indices for your perusal...
138 overall
106 equities
1020 dj
215 spx
178 oex
While we are at it, at 10:20 we now have 67% positive Industry Groups in broad market...NAZ is back up to 41% positive after dipping to 27 at 10:10. Software seems to be rising to the top of the barrel here with RATL now number 1 in NAZ rank
:: Henry Ford ::

10:12 AM
10:10 UPDATE
Industries dipped to 21 positive out of 113 groups at 9:50, which was the low so far this morning.
As of 10:10, they have managed to claw back to 48% positive
NAZ is still dropping its percentage of positive stocks with just 27% positive, so we are seeing some divergence.
Biotechs still near the top gainers on the NAZ while Textiles, Trucking, Gaming and Home Improvement are the industry leaders in the broad market
:: Henry Ford ::

9:53 AM
NEAR THE LOWS
Too early to tell if they are going to go for the gap at 1010 SPU2 today or not. We are going to have to have patience here and wait it out.We are due for a cycle low late today or early tomorrow. The time frame will be come clearer as the day goes on. RSI and MACD numbers coming down nicely and look like they will be in sync with the cycle.
:: Henry Ford ::

9:45 AM
WINNERS AND SINNERS
Here's whats moving at 9:40
The NAZ has 52 stocks out of 100 up from the open Biotechs holding the top spots.
IMCL is the leader with a 3.5% gain since 9:30, followed by ABGX amd MLNM.
DOW leaders from open are AES REI ROAD JBHT NSC ABF and DUK
We don't get to ee any real trends until we get into about the 9:50 time frame.
51% of Industry Groups positive here.
:: Henry Ford ::

9:21 AM
WELL--ANOTHER GAP DOWN OPENING
We aren't going to have to worry about those 12hour RSI and MACD readings being too high after we gap down this morning. Currently, the overnight futures markets are predicting about a 15 point downer for the SPU2 and about 110 points on the DOW and 40+ points on the NASDAQ Comp. Oracle and Apple were the culprits du-jour. First hour of trading will be important for tone of trading today. Watch 9:50 to 10:10 and 10:35 for cues as to how Boyz will use the market volatility to their advantage.
:: Henry Ford ::

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