Also, I still haven’t fixed my primary computer so I haven’t checked my email in over a week. I will take the time to tear it down and put in a new power supply and possibly another ssd drive to replace one of 4 of them in a RAID 10 array that “could” be bad?… later this week. Then I’ll do a new post this coming weekend as well. Ali should have another update by then too.
One other thing… I’ll have a new stock pick coming out later this week as well. It’s forecast-ed to move up next week and should be a fun one to go in and out of for at least a week. Lot’s of traders will then be talking about it on the various stock boards that post hot stock picks.
Naturally I’ll have that info out to you guys first as I have a way to sniff out these things before they make their move up. Several of you made donations and I appreciate that greatly. I will email you guys personally before I alert everyone else as a way of saying thanks. However, everyone else will still get the alert before you hear about it everywhere else.
Morning update: Since we failed to put in a lower low on Friday and have went up again yesterday on the futures, I know think we are going to gap window around 1652 spx or gap fill at 1658 area. But, I’m leaning toward gap window as I think gap fill will put us over the falling trendline of resistance.
That trendline starts just under the prior 1700 area high from mid-August connecting to the 1669 high the last week of August. It’s also the top trendline of a falling channel whereas the 1639 low connected to the 1627 low make the lower trendline.
Projecting forward to where the top trendline is today put it just about at the gap window area at 1652 spx. So unless the opening print gaps over that level clearly (a small gap is acceptable as it could easily fall back into the channel) I’m expecting the market rollover and head lower today and into Wednesday.
The “when” part is tough as if they do gap over the trendline they could chop it up most of the morning to fill the gap around 1658 and then rollover later today. It should be light volume today as traders are still on vacation, so that means they could walk it up there easier with no one around to sell.
I would not get bullish until 1669 is taken out and I don’t foresee that happening today. Therefore I think the gap window to gap fill area is the best place to short into Wednesday to look for a break of the prior low of 1627 at some point this week. The rally just isn’t ready to start yet in my opinion. Maybe next week?
GOLD Support Levels: http://niftychartsandpatterns.blogspot.in/2013/09/gold-support-levels.html
ES update: http://niftychartsandpatterns.blogspot.in/2013/09/es-chart-update_5.html
Got a new one coming soon Seawind, so be ready to make a quick 50-100% on it quickly.
Just want to say Thanks Mr. Red for the heads up on the penny stock you mention a week or so ago! Have a great day one and all! Seawind
S&P 500 Analysis after closing bell: http://niftychartsandpatterns.blogspot.in/2013/09/s-500-analysis-after-closing-bell.html
Crude oil support and resistance levels: http://niftychartsandpatterns.blogspot.in/2013/09/crude-oil-support-and-resistance-levels.html
Also, I still haven’t fixed my primary computer so I haven’t checked my email in over a week. I will take the time to tear it down and put in a new power supply and possibly another ssd drive to replace one of 4 of them in a RAID 10 array that “could” be bad?… later this week. Then I’ll do a new post this coming weekend as well. Ali should have another update by then too.
One other thing… I’ll have a new stock pick coming out later this week as well. It’s forecast-ed to move up next week and should be a fun one to go in and out of for at least a week. Lot’s of traders will then be talking about it on the various stock boards that post hot stock picks.
Naturally I’ll have that info out to you guys first as I have a way to sniff out these things before they make their move up. Several of you made donations and I appreciate that greatly. I will email you guys personally before I alert everyone else as a way of saying thanks. However, everyone else will still get the alert before you hear about it everywhere else.
Morning update: Since we failed to put in a lower low on Friday and have went up again yesterday on the futures, I know think we are going to gap window around 1652 spx or gap fill at 1658 area. But, I’m leaning toward gap window as I think gap fill will put us over the falling trendline of resistance.
That trendline starts just under the prior 1700 area high from mid-August connecting to the 1669 high the last week of August. It’s also the top trendline of a falling channel whereas the 1639 low connected to the 1627 low make the lower trendline.
Projecting forward to where the top trendline is today put it just about at the gap window area at 1652 spx. So unless the opening print gaps over that level clearly (a small gap is acceptable as it could easily fall back into the channel) I’m expecting the market rollover and head lower today and into Wednesday.
The “when” part is tough as if they do gap over the trendline they could chop it up most of the morning to fill the gap around 1658 and then rollover later today. It should be light volume today as traders are still on vacation, so that means they could walk it up there easier with no one around to sell.
I would not get bullish until 1669 is taken out and I don’t foresee that happening today. Therefore I think the gap window to gap fill area is the best place to short into Wednesday to look for a break of the prior low of 1627 at some point this week. The rally just isn’t ready to start yet in my opinion. Maybe next week?
EURUSD Trend Update: http://niftychartsandpatterns.blogspot.in/2013/09/eurusd-trend-update.html
CISCO Weekend update: http://niftychartsandpatterns.blogspot.in/2013/09/cisco-weekend-update.html