The market looks bearish, feels bearish, but charts still tell me we are going up… probably not huge today but tomorrow we “could” rally up hard. Sounds crazy I know.. but it’s what I see in the charts. Probably best to just not take any position and watch… at least that’s what I’m going to do.
This looks like some kind of wave 3 down at the open this morning to the FP level and then back up for the wave 4 and now down again for the wave 5. Wherever this bottoms at I suspect it will happen by the 2pm FOMC meeting. Again, it’s common to sell off in fear of what the Fed’s might say and then rally in relief that nothing major was said that was viewed at too bad for the market. However, charts are still bearish right now and do not support a long (other then just day trades).
as I have said before…my large stock watch list has soooo many stocks that have crashed price wise, it’s hard to see how the regular markets have held up this long & this high!
Yes looks and feels ugly. Futures are not looking good either. Hope there is a rip up tomorrow as I have calls expiring Friday.
The market looks bearish, feels bearish, but charts still tell me we are going up… probably not huge today but tomorrow we “could” rally up hard. Sounds crazy I know.. but it’s what I see in the charts. Probably best to just not take any position and watch… at least that’s what I’m going to do.
This looks like some kind of wave 3 down at the open this morning to the FP level and then back up for the wave 4 and now down again for the wave 5. Wherever this bottoms at I suspect it will happen by the 2pm FOMC meeting. Again, it’s common to sell off in fear of what the Fed’s might say and then rally in relief that nothing major was said that was viewed at too bad for the market. However, charts are still bearish right now and do not support a long (other then just day trades).
SPX Update: http://screencast.com/t/0hfOH7vO
Possible FP on the SPY: http://screencast.com/t/X1t9pH3a
ES Futures Update: http://screencast.com/t/OPOrm8r9qz
Yeah… but I think it’s the normal of what they do in front of an FOMC meeting.
looks ugly right now.
Not in the movie, but don’t you find it interesting all the drones being sighted near airports and planes?
That tells me something is up with that!
as I have said before…my large stock watch list has soooo many stocks that have crashed price wise, it’s hard to see how the regular markets have held up this long & this high!