The charts tell me that we’ll likely gap down tomorrow morning. We have a bear flag forming and a small head and shoulders pattern. Then we have MACD’s, Stoc’s, and Histogram Bars all rolling over. Throw in some bad news from the jobs data and you have your excuse to gap down. But after a morning low I’d expect it to rally back up later in the day an into Friday.
If I was to give odds about today being an important top and trend change I’d give it 80% chance. We have topping tails on many charts and this looks like an exhaustion move up. We have moved up 113 points from the 1646 low and the average move is 80-100 points.
The average length in calendar days is 18-20 and we are at day 14 from the 10/9 low of 1646, so we could have a few more days I guess but I think the move beyond the normal range of 80-100 points offsets the shorten time period.
So while I’m not looking for it to just tank hard tomorrow and the rest of the week I am looking for this to be the top for awhile with a grind down to 1690-1700 spx over the coming couple of weeks.
Ford Resistance Levels: http://niftychartsandpatterns.blogspot.in/2013/10/ford-resistance-levels.html
The charts tell me that we’ll likely gap down tomorrow morning. We have a bear flag forming and a small head and shoulders pattern. Then we have MACD’s, Stoc’s, and Histogram Bars all rolling over. Throw in some bad news from the jobs data and you have your excuse to gap down. But after a morning low I’d expect it to rally back up later in the day an into Friday.
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/10/es-chart-analysis_23.html
Crude oil Multiple time frames: http://niftychartsandpatterns.blogspot.in/2013/10/crude-oil-multiple-time-frames.html
just Carl Icahn selling 800Million of NFLX stock today.
Massive reversal in NFLX today(-32pts after up 60pts in AH yesterday??) another red flag.
Nasdaq with a decent divergent high and a topping bar, dragonfly doji/ semi shooting star. Nasdaq also underperformed the Dow.
Here’s what I see Seawind… http://screencast.com/t/Tp1R8fOd
Silver resistance levels: http://niftychartsandpatterns.blogspot.in/2013/10/silver-resistance-levels.html
Thanks Mr. Red for the update……
If I was to give odds about today being an important top and trend change I’d give it 80% chance. We have topping tails on many charts and this looks like an exhaustion move up. We have moved up 113 points from the 1646 low and the average move is 80-100 points.
The average length in calendar days is 18-20 and we are at day 14 from the 10/9 low of 1646, so we could have a few more days I guess but I think the move beyond the normal range of 80-100 points offsets the shorten time period.
So while I’m not looking for it to just tank hard tomorrow and the rest of the week I am looking for this to be the top for awhile with a grind down to 1690-1700 spx over the coming couple of weeks.