The way I see what happened this morning is simple… they gaped down below the 1685 SPX support level to take out all the bulls’ stops. They as low as 1675 on ES futures to take out the bulls’ that were long there too. They also lured in some bears with the gap down. Right now the bears are trapped and expecting the overhead resistance to hold.
Now, as of today it’s possible that the line holds and we dip back down some to lure in some more bears.. but I honestly wouldn’t count on that happening. It would make more sense to just keep push up here and use the momentum from the trapped bears to gain more ground on the upside. Then tomorrow morning they can gap up over the next resistance level, but it’s looking more and more like they are getting ready to go after the bears’ stops this week.
Yeah Peter, it sucks being a bear. I just can’t wait until they announce that the world is saved in October and they are looking for 20,000 DOW! Then I’ll know for sure the crash is coming!
ES futures update… http://screencast.com/t/e7Y6qGFh
SPY and SPX update (http://screencast.com/t/pjnsKxVjF). Breakout for bulls means we should see a wave 3 up start tomorrow and squeeze the bears.
CRUDE Oil support and resistance levels: http://niftychartsandpatterns.blogspot.in/2013/08/crude-oil-support-and-resistance-levels.html
SPY update… http://screencast.com/t/5jdLjqtKNxY
GOLD Resistance Levels: http://niftychartsandpatterns.blogspot.in/2013/08/gold-support-and-resistance-levels.html
The way I see what happened this morning is simple… they gaped down below the 1685 SPX support level to take out all the bulls’ stops. They as low as 1675 on ES futures to take out the bulls’ that were long there too. They also lured in some bears with the gap down. Right now the bears are trapped and expecting the overhead resistance to hold.
Now, as of today it’s possible that the line holds and we dip back down some to lure in some more bears.. but I honestly wouldn’t count on that happening. It would make more sense to just keep push up here and use the momentum from the trapped bears to gain more ground on the upside. Then tomorrow morning they can gap up over the next resistance level, but it’s looking more and more like they are getting ready to go after the bears’ stops this week.
ES Chart Analysis: http://niftychartsandpatterns.blogspot.in/2013/08/es-chart-analysis_12.html
I think you;re right on a pullback either way, but I dobnt we crash just yet
Yeah Peter, it sucks being a bear. I just can’t wait until they announce that the world is saved in October and they are looking for 20,000 DOW! Then I’ll know for sure the crash is coming!
well said… Bernanke speaks at the end of october too though red. so keep that date i n mind. Damn t sucks for bears this year