As expected, the indices basically put in a hanging man on this special 85 year anniversary. Yellen speaks early tomorrow morning which is usually uber bullish but the analogs indicated otherwise. 60 min RSI were a bit overbought and extended this morning though so another divergence is needed? Next step is to see a drop below the 20 day emas.
Now let’s see if KC can win the World Series 29 years (1985) after their last playoff appearance (a 7 game World Series victory over the STL). The team playing at home (KC) in the 7 th game of the WS is 7-0 the last 7 occurrences…..Wow an involuntary 777 numey reference…..Of course, the 77 reference was made on the 4 letter earlier today. Something going on with the Show Me state as well.
Past stat’s say that Wednesday’s rarely put in a high or low for the week… therefore we should have a slightly higher high Thursday before rolling over and heading south toward that 1900 area. This could take another week if they take the stairs down (as opposed to taking the rocket ship up).
Just doing the usual “scare the shit out of the bears” move and make them think we are going up forever. There’s be a move down but it’s not likely to start until after the FOMC meeting is over with this Wednesday.
So I’d look for Thursday to start the selling. It should continue into next week of course and we should be go down about 50% of the move up. My target area is 1890-1910 SPX zone. After that I’d expect a turn back up.
The turn back up though will be the tricky move. I don’t know yet if it’s going to go up and make a new high or just make a lower low then today or tomorrow’s high? If it breaks tomorrow’s high then we’re going to a FP I have on the SPY of 202.45 (about 2024.50 SPX).
If it fails then of course we are going down hard and should break the current 1820 area low and head down toward the low to mid 1700’s before bottoming and then rallying for Santa. Hard too know which will play out but shorting after the FOMC day is over with and then going long after the target zone is hit makes the most sense to me right now.
As expected, the indices basically put in a hanging man on this special 85 year anniversary. Yellen speaks early tomorrow morning which is usually uber bullish but the analogs indicated otherwise. 60 min RSI were a bit overbought and extended this morning though so another divergence is needed? Next step is to see a drop below the 20 day emas.
Now let’s see if KC can win the World Series 29 years (1985) after their last playoff appearance (a 7 game World Series victory over the STL). The team playing at home (KC) in the 7 th game of the WS is 7-0 the last 7 occurrences…..Wow an involuntary 777 numey reference…..Of course, the 77 reference was made on the 4 letter earlier today. Something going on with the Show Me state as well.
Past stat’s say that Wednesday’s rarely put in a high or low for the week… therefore we should have a slightly higher high Thursday before rolling over and heading south toward that 1900 area. This could take another week if they take the stairs down (as opposed to taking the rocket ship up).
Almost there: http://screencast.com/t/LqsNqF9Jrs
Best spot to short: http://screencast.com/t/DgGYujkS
CRUDE Oil trend update: http://niftychartsandpatterns.blogspot.in/2014/10/crude-oil-trend-update.html
Thanks, Red!
Just doing the usual “scare the shit out of the bears” move and make them think we are going up forever. There’s be a move down but it’s not likely to start until after the FOMC meeting is over with this Wednesday.
So I’d look for Thursday to start the selling. It should continue into next week of course and we should be go down about 50% of the move up. My target area is 1890-1910 SPX zone. After that I’d expect a turn back up.
The turn back up though will be the tricky move. I don’t know yet if it’s going to go up and make a new high or just make a lower low then today or tomorrow’s high? If it breaks tomorrow’s high then we’re going to a FP I have on the SPY of 202.45 (about 2024.50 SPX).
If it fails then of course we are going down hard and should break the current 1820 area low and head down toward the low to mid 1700’s before bottoming and then rallying for Santa. Hard too know which will play out but shorting after the FOMC day is over with and then going long after the target zone is hit makes the most sense to me right now.
Looks like we re not going to break down?
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2014/10/s-500-futures-chart-analysis.html
EURUSD Trend update: http://niftychartsandpatterns.blogspot.in/2014/10/eurusd-trend-update.html