I’m looking for a quick move down Thursday morning to put in the low where I think the next move will be up strongly. I’d exit all shorts by today or in the morning tomorrow as the bulls are about ready to wake up.
It’s natural to expect a “pause” day here so we could chop like this all day. If we do get a rally going then I’d expect a peak in the noon to 2pm (EST) time period between 10-15 points higher. There’s a falling trendline of resistance that will likely hold the market back. It will be around 206.30 area SPY in that time zone.
If we don’t hit it today and instead just drop more then we might hit it Thursday morning on some fakeout bull move up. Hard too predict what SkyNet is going to do here. But tomorrow or Friday should put in the low for the week.
The way the market is acting and the fact that it’s down over 27 points on the SPX it might not start the rally until the last hour of the day? However, regardless of how high the rally goes today’s light trading volume so NO sign of “capitulation” on the downside yet. This implies a lower low is coming after any rally they get going.
While I don’t really see 2090 area being hit as it so far away now you just don’t know how many bears there are to squeeze? It’s really just about the “stops” overhead on how far they go up.
The bulls are very surprising and some how seem to go up higher then anyone can believe. But it happened before on that chart I posted so I won’t rule it out for happening again.
As of now there is a lot of damage done on a technical bases for the bulls so thinking there’s going to be a rally here could be just wishful thinking I guess. Until we see a higher low on the SPY (IWM currently still has one) I don’t see the bottom yet for today.
Let’s see what happens in that last hour of the day as we might start the rally then and carry it into Wednesday for a top, with a Thursday dump for a lower low then today.
SPY Chart analysis: http://niftychartsandpatterns.blogspot.in/2015/03/spy-analysis-before-opening-bell_12.html
I’m looking for a quick move down Thursday morning to put in the low where I think the next move will be up strongly. I’d exit all shorts by today or in the morning tomorrow as the bulls are about ready to wake up.
It’s natural to expect a “pause” day here so we could chop like this all day. If we do get a rally going then I’d expect a peak in the noon to 2pm (EST) time period between 10-15 points higher. There’s a falling trendline of resistance that will likely hold the market back. It will be around 206.30 area SPY in that time zone.
If we don’t hit it today and instead just drop more then we might hit it Thursday morning on some fakeout bull move up. Hard too predict what SkyNet is going to do here. But tomorrow or Friday should put in the low for the week.
Off a little on the targets but it did follow the plan and pattern I was implying I think.
Red, your 3/1 post nailed it …. NICE!
I could see us drifting lower to 1990 on $SPX
I guess Lindsey Williams’ new source has just been misleading him so we sheep would be caught shorting the dollar. Good that I don’t play it… LOL
Dollar index on a historic bullish streak. https://twitter.com/WildcatTrader/status/575343415652548608
At this point I doubt we’ll see much more then a 10 point or so rally before another drop into a Thursday/Friday.
The way the market is acting and the fact that it’s down over 27 points on the SPX it might not start the rally until the last hour of the day? However, regardless of how high the rally goes today’s light trading volume so NO sign of “capitulation” on the downside yet. This implies a lower low is coming after any rally they get going.
While I don’t really see 2090 area being hit as it so far away now you just don’t know how many bears there are to squeeze? It’s really just about the “stops” overhead on how far they go up.
The bulls are very surprising and some how seem to go up higher then anyone can believe. But it happened before on that chart I posted so I won’t rule it out for happening again.
As of now there is a lot of damage done on a technical bases for the bulls so thinking there’s going to be a rally here could be just wishful thinking I guess. Until we see a higher low on the SPY (IWM currently still has one) I don’t see the bottom yet for today.
Let’s see what happens in that last hour of the day as we might start the rally then and carry it into Wednesday for a top, with a Thursday dump for a lower low then today.
Crude oil chart analysis: http://niftychartsandpatterns.blogspot.in/2015/03/crude-oil-testing-support-zone.html