Prices have now all moved beyond the bottom of their channels and the selling is on.

Prices bounced back from their lows

late in the day but the bearish overtone in the market was clear as even healthy companies are being punished. Ongoing
concerns over the Eurozone and US debt crisis hangs like a black cloud over the market. The uncertainty of PIIGS bailouts
is hitting large banks especially hard and this week we get earnings from many of them. Goldman Sachs downgrade of US
GDP highlights the crisis created by uncertainty over taxes, healthcare, and regulations. The Euro sold off hard early in
the day and later recovered but will fall further moving forward. Lower equities prices will continue as well. I will post
more charts and commentary on www.sealionllc.com on my technical analysis blog.
A Steady Selloff...more to come
Chart #1SPY, SPDR S&P 500
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07/18/2011 Volume 1, Issue 10
Sea Lion Capital Management LLC
Chart Book
Chart Notes
3. Possible lower high with
shooting star candle
4. Prices are now above the
median line of the bullish
channel and have found
short-term resistance.
5. Prices rally through resis-
tance and out of the chan-
nel. A consolidation will be
required before the next
move up.
6. No consolidation yet as
prices are rising along
channel resistance.
7. Prices retreat to prior
resistance now support for
consolidation
8. Prices testing lower chan-
nel support and need to
reverse quickly to maintain
the rally
9. Prices could be back testing
setting up a move lower
but more likely the channel
needs to be redrawn or this
is a temporary noisy over-
shoot.
10. Prices have no violated the
channel support and are
trying a back test. The
back looks weak in nature.
11. Prices have broken through
the channel and head lower
gyrating around their me-
dian line.
Page 2
Sea Lion Capital Management LLC
Prices failed to stop falling at channel support and are now falling in a new down sloping channel
around the median line. Lower prices are ahead and prices could fall to prior support in the $77
area before a bounce occurs.
Chart Notes:
3. Possible change in trend
needs confirmation with
a new high.
4. Prices are now in the
upper half of the bullish
channel and have more
room to run.
5. Prices have continued up
and no extend beyond
the channel. Prices will
need to consolidate
before the next leg
higher.
6. Prices rising along resis-
tance.
7. A return to former resis-
tance now turned sup-
port. A mild consolida-
tion has begun.
8. Testing the median line.
Price often finds support
here.
9. Prices found support at
the median line and are
poised to move higher.
10. Prices are holding their
channel support and a
bounce may occur.
11. Prices have broken chan-
nel support and are
falling around the me-
dian line.
Chart #2IWM, iShares Russell 2000
Page 3
Volume 1, Issue 10
The Euro sold off a little more before bouncing today but still sits below its prior swing high. Prices
will test lower support and test the lower support area near $1.40.
Chart# 3EUR/USD, Eurodollar
Chart Notes:
1. Markets bullish trend
broken with violation
of prior swing low.
2. Markets bounces and
reverses but puts in
a lower high.
3. Market retests $1.40
low and if it holds a
sideways channel is
in place.
4. Prices reverse on
support in an
evening star rever-
sal in a show of
strength and the
markets wiliness to
be open to risk.
5. Prices have failed to
advance the reversal
and are now below
the reversal high. A
retest of lower chan-
nel support looks
likely.
6. Prices made a dead
-cat bounce and
will head lower to
range support.
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