Sunday, November 2, 2008

Sentiment change and intraday negative divergences



We had EOM mark up during the last week. Many American consumers are now maxed out and unemployment is continuing to rise. Market expects bad eco numbers during the next week, and discounting 6mo with a positive spin as many turned bullish, but the "5" wave is still in formation.

60m MMs are now all showing severe negative divergences. Market can change 200-300 DOW points in 15min in this volatile markets.

QQQQ 60min +/- 34.17/ 32.50 pivots

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