Looks like a bunch of chop right now… and will probably stay that way until after 2pm tomorrow when Bernanke speaks. It’s a wildcard now as “if” they decide to pull another rabbit (dead) out of a hat I guess they could rally up higher to insane highs. But I think they won’t and we’ll start selling off.
I want everyone to be aware that today is the 20th and that equals 2 or 1+1, which is eleven. Meaning that today is a ‘daily’ eleven day and ‘could’ mark the top? Remember that the gangster read this blog too and will want to fool as many sheep as possible that are waiting for the 22nd to be the top.
I’m partially short from last week and will add to it on the 22nd should we rally back into it. But if we continue down tomorrow (doesn’t seem likely as almost all the Tuesdays this year are bullish) then the top is probably in today. The Fed speaks Wednesday and I’m sure the insiders know what Bernanke is going to say. I don’t think it will be positive for the market.
Regardless if we top today or Wednesday the first move down should be toward the gap fill at 1597 SPX and then a bounce, followed by more selling to end the first larger move down around the 1536 SPX prior low for double bottom. Then bounce and more down…
Since we are only 2 days away from our preferred topping day I tend to think we’ll come short of 1700 spx as I’m sure there will be bulls looking to exit there and bears waiting to short… which means they won’t let either happen. While there is no real resistance levels up here now (because we are in uncharted territory) there is always the “even number” resistance levels.
Therefore even numbers like 1700 spx or 16000 dow will provide resistance and also act like a magnet. Meaning that traders will look for those levels to be hit and will exit longs there and/or short. SkyNet knows this fact about human emotions and will do one of two things… fall short of hitting the level or pierce through in a fake out move higher that will fail.
Considering that we are so close to the first ritual “double eleven” date I tend to think they will fail short of the high and make the bears chase in down while the bulls wait for a bounce back up to exit at… only they won’t give it. They should go up to the low 1690’s if they are going to top this Wednesday and stay below the 1700 level.
If on the other hand they do some crazy 20-30 point move up Tuesday to pierce through the 1700 level then I’d still look to short around the open on Wednesday. I’m looking for that magical topping tail like they did back on 10/11/2007 to happen.
The date of course could be wrong and it might happen after Legatus on the 29th but so far it’s looking go for the 22nd. The market acts really tired and I just don’t think they are going to push it out until the 29th. Of course it doesn’t mean it’s going to tank hard this week as the gangster don’t usually do that until after they launder their stolen money through the Vatican banks after the meeting is over with. But a top seems near too me…
P.S. The penny stock I mentioned should start tomorrow is apparently it’s a holiday today in Canada and their market is closed.
Scary thought. That would blow us past 1700
Looks like a bunch of chop right now… and will probably stay that way until after 2pm tomorrow when Bernanke speaks. It’s a wildcard now as “if” they decide to pull another rabbit (dead) out of a hat I guess they could rally up higher to insane highs. But I think they won’t and we’ll start selling off.
well, we’re red? lol. Got in at the HOD yesterday, as false as it may sound, so looking ok so far, but it needs to pick up
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/05/es-chart-analysis_21.html
Certainly a signal… which should mean that the top is near.
1666.29
Great timing on the FOMC meeting and the Economic Outlook for May 22nd…
http://federalreserve.gov/whatsnext.htm
I want everyone to be aware that today is the 20th and that equals 2 or 1+1, which is eleven. Meaning that today is a ‘daily’ eleven day and ‘could’ mark the top? Remember that the gangster read this blog too and will want to fool as many sheep as possible that are waiting for the 22nd to be the top.
I’m partially short from last week and will add to it on the 22nd should we rally back into it. But if we continue down tomorrow (doesn’t seem likely as almost all the Tuesdays this year are bullish) then the top is probably in today. The Fed speaks Wednesday and I’m sure the insiders know what Bernanke is going to say. I don’t think it will be positive for the market.
Regardless if we top today or Wednesday the first move down should be toward the gap fill at 1597 SPX and then a bounce, followed by more selling to end the first larger move down around the 1536 SPX prior low for double bottom. Then bounce and more down…
Since we are only 2 days away from our preferred topping day I tend to think we’ll come short of 1700 spx as I’m sure there will be bulls looking to exit there and bears waiting to short… which means they won’t let either happen. While there is no real resistance levels up here now (because we are in uncharted territory) there is always the “even number” resistance levels.
Therefore even numbers like 1700 spx or 16000 dow will provide resistance and also act like a magnet. Meaning that traders will look for those levels to be hit and will exit longs there and/or short. SkyNet knows this fact about human emotions and will do one of two things… fall short of hitting the level or pierce through in a fake out move higher that will fail.
Considering that we are so close to the first ritual “double eleven” date I tend to think they will fail short of the high and make the bears chase in down while the bulls wait for a bounce back up to exit at… only they won’t give it. They should go up to the low 1690’s if they are going to top this Wednesday and stay below the 1700 level.
If on the other hand they do some crazy 20-30 point move up Tuesday to pierce through the 1700 level then I’d still look to short around the open on Wednesday. I’m looking for that magical topping tail like they did back on 10/11/2007 to happen.
The date of course could be wrong and it might happen after Legatus on the 29th but so far it’s looking go for the 22nd. The market acts really tired and I just don’t think they are going to push it out until the 29th. Of course it doesn’t mean it’s going to tank hard this week as the gangster don’t usually do that until after they launder their stolen money through the Vatican banks after the meeting is over with. But a top seems near too me…
P.S. The penny stock I mentioned should start tomorrow is apparently it’s a holiday today in Canada and their market is closed.
GOLD Trend update: http://niftychartsandpatterns.blogspot.in/2013/05/gold-trend-update.html