All of the indices popped to their downsloping 20 day averages, some even the 50 day average where in a few cases the 20 day converges with the 50 day. The 60 min MACDs got into overbought area as well as the RSIs and 60 min stochastics have crossed over and turned down albeit still at high levels.
3rd day in a row with a gap up. Can they muster a 4th day. Don’t think so.
The Russell 2000 was the strongest index today with coincidentally the Russell rebalance occuring tomorrow after the close. Of course, yesterday, it was the weakest index and played catch-up today. It looks like the proper three white candle reaction pattern with the 3rd bar having the big blowoff day.
A Mercury Retrograde initial fakeout move?
The trickster turns the market into an initial strong impulse upward only to reverse it in an even more dramatic manner afterwards like its last two occurences on Feb 24 and Nov 4, 2012…..the strong downmoves followed on Feb 25 and Nov. 7.
Probably a little higher then that Scott as gap fill on the SPX is around 1628 which could be hit tomorrow morning if they want to squeeze out the last bear.
From the looks of things they appear to be going straight up without an “obvious” ABC pattern. So possibly this whole move will end tomorrow with some final gap up move to close all the gaps on the ES, SPX, SPY, etc… and then start the 5th wave down into next week. I’m waiting right now to short and I think I’ll wait until tomorrow morning as that should be the end of this wave 4 up.
We’ve hit gap window now and look like they want to go higher to possibly hit gap fill at 162.53 SPY, but we’re hitting resistance from the downward sloping trendline on the SPX and the ES. However, it’s broke through that trendline on the SPY so I’m not sure what the plan here is? Do we stop at the trendline of resistance and gap window or breakthrough the trendlines on the SPX and ES to allow the SPY to fill the gap?
Remember the old saying about “initial claims” day, which is that the market tends to do the opposite into the afternoon and close of what happens at the open. Meaning that if we gap down on initial claims data then the market usually floats back up the rest of the day. And if we gap up the market tends to fall back down the rest of the day.
Considering how close we are to the falling trendline that is currently coming in around 1610 on the ES and about 1614 on the SPX I tend to think we’ll rally up to those targets by noon or so and then rollover the rest the day and into Friday morning. I could see a move back to 1580 area for this B wave before it finds decent support.
All of the indices popped to their downsloping 20 day averages, some even the 50 day average where in a few cases the 20 day converges with the 50 day. The 60 min MACDs got into overbought area as well as the RSIs and 60 min stochastics have crossed over and turned down albeit still at high levels.
3rd day in a row with a gap up. Can they muster a 4th day. Don’t think so.
The Russell 2000 was the strongest index today with coincidentally the Russell rebalance occuring tomorrow after the close. Of course, yesterday, it was the weakest index and played catch-up today. It looks like the proper three white candle reaction pattern with the 3rd bar having the big blowoff day.
A Mercury Retrograde initial fakeout move?
The trickster turns the market into an initial strong impulse upward only to reverse it in an even more dramatic manner afterwards like its last two occurences on Feb 24 and Nov 4, 2012…..the strong downmoves followed on Feb 25 and Nov. 7.
Probably a little higher then that Scott as gap fill on the SPX is around 1628 which could be hit tomorrow morning if they want to squeeze out the last bear.
looks good. 1620-22 top and then down
From the looks of things they appear to be going straight up without an “obvious” ABC pattern. So possibly this whole move will end tomorrow with some final gap up move to close all the gaps on the ES, SPX, SPY, etc… and then start the 5th wave down into next week. I’m waiting right now to short and I think I’ll wait until tomorrow morning as that should be the end of this wave 4 up.
we could even head much lower to 1540-50 area
We’ve hit gap window now and look like they want to go higher to possibly hit gap fill at 162.53 SPY, but we’re hitting resistance from the downward sloping trendline on the SPX and the ES. However, it’s broke through that trendline on the SPY so I’m not sure what the plan here is? Do we stop at the trendline of resistance and gap window or breakthrough the trendlines on the SPX and ES to allow the SPY to fill the gap?
Remember the old saying about “initial claims” day, which is that the market tends to do the opposite into the afternoon and close of what happens at the open. Meaning that if we gap down on initial claims data then the market usually floats back up the rest of the day. And if we gap up the market tends to fall back down the rest of the day.
Considering how close we are to the falling trendline that is currently coming in around 1610 on the ES and about 1614 on the SPX I tend to think we’ll rally up to those targets by noon or so and then rollover the rest the day and into Friday morning. I could see a move back to 1580 area for this B wave before it finds decent support.
APPLE Support levels: http://niftychartsandpatterns.blogspot.in/2013/06/apple-support-levels_26.html
A very interesting interview about reptilians from the view of a half-reptilian rothschild woman…. http://www.youtube.com/watch?v=z4Vij4LsVO4
A good place to short is probably around 1612 area on the ES (and falling) as seen in this possible wave count… http://screencast.com/t/qSSEO0bQkAg