It’s worth it for me as I’ve changed my trading to day trades mostly as it’s easier for me to make money on. Predicting out more then 2 or 3 days is tough with this rigged market, so I just focus on what makes me money.
Of course the bullish setups seem to always play out so forecasting 2085 SPX on that cup and handle pattern was a pretty sure bet.
Yes, I do see a higher market by the end of the month. But a pullback here is overdue and I think we’ll see it drop 20-40 points in the near term before we go up to that FP around 2118 SPX.
I think today is short. As I said earlier the cup and handle pattern projects a high of around 2085 ES (about 2090 SPX) and from the looks of the open we are about to have we could creep up there today. Maybe it only makes it to 2080 ES, or just 2075 where it hit twice afterhours yesterday and premarket this morning, but I think it’s time to start looking for a short.
I see the charts as very overbought now and if tomorrow has a weak gap up of only a few points I think it’s a sell. They need to clear 2075 area on the ES to even have a chance to run the stops in my opinion. Otherwise I see the technical’s in the charts pulling the market down.
Only a stop run by SkyNet can get it going up to the cup and handle expected high of 2085, and who’s to say that it’s still a valid pattern? We did breakdown from it some earlier today, which tells me the pattern may or may not work?
Ok, expected down move tomorrow with 70% chance no longer valid as we have a breakout on most ETF’s now with new higher highs then yesterday. So at this point the cup and handle pattern is likely back in play for now. Expected high is 2085 ES or 2090 SPX. (Of course we could gap up and pullback back tomorrow before we go up that high).
I’m a little shocked that the cup and handle pattern failed, especially knowing how rigged the market is to the upside. We have also not made a higher high today either. So far the high this week was yesterday (Tuesday). This tells me that we have around a 70% chance of dropping lower Thursday (as long we don’t go up today higher then yesterday).
Looking at the premarket chart of the ES futures it’s got a nice “cup and handle” pattern and it’s all in a rising channel. This suggests we’ll drift down some early but as long as we hold the lower trendline on that rising channel I think we’ll see the market turn back up and head north into Thursday.
The projected move on the ES is about 25 points high to 2085, or about 2090 on the SPX. Since the market is rigged to the bullish side 80-90% of the time I don’t see any reason for this pattern to fail and not play out.
Now if this happens by Thursday morning then I think we’ll see some selling the rest of that day and possibly Friday as well. So we could still see a low put in this week, but I don’t know how low? For now I’m on looking at this C&H pattern and will watch it play out.
This guy says about what I’m thinking will happen too. His forecast of slight pullbacks before a move higher lines up with a Thursday/Friday low for this week and then a ramp up next week (which is option expiration week and is bullish about 80% of the time). http://joefahmy.com/2015/02/07/video-new-highs-coming-soon/
It’s worth it for me as I’ve changed my trading to day trades mostly as it’s easier for me to make money on. Predicting out more then 2 or 3 days is tough with this rigged market, so I just focus on what makes me money.
Of course the bullish setups seem to always play out so forecasting 2085 SPX on that cup and handle pattern was a pretty sure bet.
That is a drop of 1.9% assuming a 40 points drop. Is this worth the SHORT?? not me.
Yes, I do see a higher market by the end of the month. But a pullback here is overdue and I think we’ll see it drop 20-40 points in the near term before we go up to that FP around 2118 SPX.
perhaps. However, the odd favors higher market into end of month.
I think today is short. As I said earlier the cup and handle pattern projects a high of around 2085 ES (about 2090 SPX) and from the looks of the open we are about to have we could creep up there today. Maybe it only makes it to 2080 ES, or just 2075 where it hit twice afterhours yesterday and premarket this morning, but I think it’s time to start looking for a short.
I see the charts as very overbought now and if tomorrow has a weak gap up of only a few points I think it’s a sell. They need to clear 2075 area on the ES to even have a chance to run the stops in my opinion. Otherwise I see the technical’s in the charts pulling the market down.
Only a stop run by SkyNet can get it going up to the cup and handle expected high of 2085, and who’s to say that it’s still a valid pattern? We did breakdown from it some earlier today, which tells me the pattern may or may not work?
Ok, expected down move tomorrow with 70% chance no longer valid as we have a breakout on most ETF’s now with new higher highs then yesterday. So at this point the cup and handle pattern is likely back in play for now. Expected high is 2085 ES or 2090 SPX. (Of course we could gap up and pullback back tomorrow before we go up that high).
I’m a little shocked that the cup and handle pattern failed, especially knowing how rigged the market is to the upside. We have also not made a higher high today either. So far the high this week was yesterday (Tuesday). This tells me that we have around a 70% chance of dropping lower Thursday (as long we don’t go up today higher then yesterday).
Looking at the premarket chart of the ES futures it’s got a nice “cup and handle” pattern and it’s all in a rising channel. This suggests we’ll drift down some early but as long as we hold the lower trendline on that rising channel I think we’ll see the market turn back up and head north into Thursday.
The projected move on the ES is about 25 points high to 2085, or about 2090 on the SPX. Since the market is rigged to the bullish side 80-90% of the time I don’t see any reason for this pattern to fail and not play out.
Now if this happens by Thursday morning then I think we’ll see some selling the rest of that day and possibly Friday as well. So we could still see a low put in this week, but I don’t know how low? For now I’m on looking at this C&H pattern and will watch it play out.
This guy says about what I’m thinking will happen too. His forecast of slight pullbacks before a move higher lines up with a Thursday/Friday low for this week and then a ramp up next week (which is option expiration week and is bullish about 80% of the time). http://joefahmy.com/2015/02/07/video-new-highs-coming-soon/