here are a couple of the reasons why I thought/think the top came in this morning using the intraday chart. Chris may even post one of his intraday charts with this even though I'm sure you're all looking at your own charts.
Futures were up over 12500 just before the open. The cash opened a little bit down below the previous low before high in futures. The cash then popped back over to over 12500. Remember I mentioned I was looking for a "pop" into high.
On the 5 min chart after the "pop high" a double bottom is made at 12474 while a lower double top is made at 12498. Of course the double bottom was busted.
Only 5 minute chart of course and there should be some distribution on the intraday chart before the 2012 bear market kicks off.
So, with my time nearing its end here on the XJO thread, enjoy your day.
El Capo
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Last
8,630.3 |
Change
59.900(0.70%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 8,570.4 | 8,632.8 | 8,570.4 |
| XJO (ASX) Chart |