We have a possible wave 3 (or C?) up from the low today… which means we “could” go green by the end of the day and really climb higher then many will expect. It’s very possible, but of course not something I can say will happen today. Could be pushed out until Monday?
We might levitate tomorrow, as they like a green market for the weekend shows, WE HAVE SUPERBALL!!! but next week will there be enough earnings and will there be no bad news out of emerging markets to keep us up? That’s to be seen.
The charts say we rally in the morning on Friday but could easily drop back lower into the afternoon. However, with Google tanking afterhours and taking the Nasdaq down with it we might not go up tomorrow at all? Too hard to tell right now? They could reset the short term futures charts afterhours and turn them back up by the morning.
$ndx got to its 3550 target that I was looking for 2 days ago basically. Went up and hit its now declining 20 day ema—RSI 14 hit the 50 level just as it did back in a certain historical epoch.
Boeing continued to get hammered and its chart looks just plain ugly. MMM was down as well. Euro and gold both were hammered.
Now let’s see if we can get to DeMark’s target of 1752 off an upclose. Need to check out comments from the blogoshphere. One dude who so far has been right but nevertheless I am suspicious of had us rallying on Friday.
hey Red, That doesn’t make sense.
If we break above the 50 day MA..this market will surely break new highs.
Recent price action is a 5 day wide bear flag. Weekly charts are bearish – for the second week in a row..first time since Nov’2012.
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If we break <1767 next week,..we'll drop hard to 1710/1690….then we'll know 1850 was a key intermediate 3' top.
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regardless..have a good weekend!
Gold support and Resistance levels: http://niftychartsandpatterns.blogspot.in/2014/02/gold-support-and-resistance-levels.html
SPX Update: http://screencast.com/t/k07GwlTR
Silver Descending triangle: http://niftychartsandpatterns.blogspot.in/2014/01/silver-descending-triangle-pattern.html
We have a possible wave 3 (or C?) up from the low today… which means we “could” go green by the end of the day and really climb higher then many will expect. It’s very possible, but of course not something I can say will happen today. Could be pushed out until Monday?
Tricky market Amy. Looks like they couldn’t hold the gains yesterday.
APPLE Evening star candlestick pattern: http://niftychartsandpatterns.blogspot.in/2014/01/apple-evening-star-pattern.html
We might levitate tomorrow, as they like a green market for the weekend shows, WE HAVE SUPERBALL!!! but next week will there be enough earnings and will there be no bad news out of emerging markets to keep us up? That’s to be seen.
The charts say we rally in the morning on Friday but could easily drop back lower into the afternoon. However, with Google tanking afterhours and taking the Nasdaq down with it we might not go up tomorrow at all? Too hard to tell right now? They could reset the short term futures charts afterhours and turn them back up by the morning.
$ndx got to its 3550 target that I was looking for 2 days ago basically. Went up and hit its now declining 20 day ema—RSI 14 hit the 50 level just as it did back in a certain historical epoch.
Boeing continued to get hammered and its chart looks just plain ugly. MMM was down as well. Euro and gold both were hammered.
Now let’s see if we can get to DeMark’s target of 1752 off an upclose. Need to check out comments from the blogoshphere. One dude who so far has been right but nevertheless I am suspicious of had us rallying on Friday.