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.
I think so too Scott. The Fed’s aren’t going to announce another QE program at this Wednesdays’ FOMC meeting as they just ended one. The question will be is after the sell off to make that right shoulder of an “inverter head and shoulder” is will they make a new breakout from it or will it fail? If it fails we are going down hard in a massive C wave.
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
I think so too Scott. The Fed’s aren’t going to announce another QE program at this Wednesdays’ FOMC meeting as they just ended one. The question will be is after the sell off to make that right shoulder of an “inverter head and shoulder” is will they make a new breakout from it or will it fail? If it fails we are going down hard in a massive C wave.
will be testing $SPX 1910 – 1890 this week.
200 “losses”… and we are to believe it’s all by accident. Pleasssssse