Bearish setup continues to form

Bearish setup continues formation

Today I didn't get to do a lot of real-time monitoring of the market, but I was able to catch the gist of it listening to CNBC and Bloomberg on my way home.  It seems like the market rallied yesterday and the first half of today on the hopes of yet another round of Fed easing.  However, once it was signaled that there may, one day, be an end to the easy money the market went into "two year old having a fit in the grocery store isle" mode.

What is more interesting to me is that the bearish RumWave setup I've been writing about the last couple posts continues to form.  Additionally, the DJIA chart is showing a bearish candle on the daily chart and a bearish divergence on the 30 minute chart.  The Elliot Wave blogs I follow suggest that this may not be the 5th wave.  However one of them does suggest that the market is entering an "inflection point" range that could have significant impact on 2013.

Today's scores:

Ultimately, the RumWave chart has not met the "red light" criteria.

TSP:  G fund

401k:  Safety

Questions or comments?  Feel free to email me:  rumwavetrading@gmail.com

GOOD LUCK TOMORROW!