The Bears Win Today!

Just a simple video update for Friday. I’ll have more on my weekend report by Sunday night. Enjoy the weekend everyone….

Red

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But don’t count the bulls out yet…

Well gang, I’m bummed out.  I missed the call yesterday, as I really expected it to pop up to 111.17 first… and then sell off.  I guess that will be the high for next Thursday or Friday now, as I certainly don’t see that happening tomorrow.

That’s the only problem with the FP’s… you never know when they are going to hit.  But, at least some of you were able to make some profit on the move down.  I know Jim said he was 40% short, and I’m sure many of the rest of you were also positioned short.

For me, I’m looking forward to the next turn date as I think it will make today’s move down look chump change.  If it is a wave 3 down, then it’s going to be really ugly!  That would mean that we are now going down into the Legatus Pilgrimage, instead of up.

So, coming out of the September 9th-20th meeting you can expect some type of new stimulus package to rally the market back up.  How high is anyone’s guess.  Let’s first see if we are indeed in Primary wave 3 down or not?  With that DIA 118.16 print still not fulfilled, it is still possible that they run the market up into the end of the year and hit that level before ending P2.

Yes, it seems highly unlikely now, but anything is possible.  Getting back to tomorrow, I’d say we have a quiet day ending flat or up at the close.  Remember, tomorrow is opx day and they will likely pin the spy where it benefits them the most.

So, as long as the double bottom holds, I’d expect a move up into the afternoon session.  I seen an afterhours print of 109.79 spy, but that could have been a late fill.  It seems pretty unlikely that we rally that high after a move down like today, but again… anything is possible.

The 15 minute chart ended today forming a bear flag and with the histogram tower rolling over.  I would expect it to sell off quickly in the morning, maybe down to retest the double bottom, and then roll back up throughout the rest of the day.  The 60 minute chart will be rising up too, supporting the 15… so that should give the market a little lift into the afternoon.  Add in light volume, no more economic data or news, and traders leaving early for the weekend… and you have a decent chance of closing positive tomorrow.

Next week will be something I’ll cover in the weekend report…

Red

Weekend Update - The Wave 3's Are Coming!

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