- Posted March 19, 2012 by
Dow at Classic Top
Last week we waited for IWM to break to lower lows to signal a down market move.IWM did not break to lower lows.
The Dow in the mean time has stalled at an Andrews Parallel line. The Dow transports have signaled that they are breaking down. This signals that the down move is starting.
Babsontrading.com technology was able to generate one buy signal on Friday, NVTL.For the Monday the number of short signals was unusually high with IR, Bobe, and GPI leading the way.
This massive reversal in the numbers of long signals to short signals indicates that sophisticated traders are no longer looking at the long side and have taken profits of sold calls to protect their profits.
Inital indications suggest that the down move will last at least a few weeks.