Finally looks like they are going to fill the gap now. It wasn’t looking like it was going to get filled on Friday. Remember that if they fill the gap the odds will greatly change on the big sell off. That gap is around 2100 SPX and even with the futures up nicely right now before the open it’s still a good hike up there.
Short term charts are pretty extended here on the upside so bulls need to get that gap fill fast before the charts rollover and force a pullback. It’s still hard too read at this point as we haven’t broken down clearly yet (below 2040) or broken out (above 2100), so we are still in a zone of “in-decision” it appears. I’m bearish until that gap is filled, and then I’ll be neutral.
DOW- flat …..important support DIA $176.27
S&P-flat, slight up bias……..important support SPY $204.75
NASDAQ-medium DOWN bias, QQQ to work eventually to $104.49 support
RUSSEL-flat…..important support IWM $123.36
OIL- high DOWN bias, USO eventually to test double bottom $15.61
VIX-medium to medium/high volatility
GOLD- down bias, but slight bottoming tail last week..important resistance GLD $114.03
SILVER-down bias, Bottom Tail last week, LOOKS ready to work move up, watch SLV
COPPER-High up bias, Bottom tail last week, watch JJC
No Greek agreement! Market in the toilet.
If we were to lose 2040, we’ll probably see an elevator down move to the next stop at about 2009. Under that, and we’re in a serous correction.
Trying to pinPoint a channel a little tough, but this is close as I can see.
Putting SPY to around 212.00 area for top area of down channel
Finally looks like they are going to fill the gap now. It wasn’t looking like it was going to get filled on Friday. Remember that if they fill the gap the odds will greatly change on the big sell off. That gap is around 2100 SPX and even with the futures up nicely right now before the open it’s still a good hike up there.
Short term charts are pretty extended here on the upside so bulls need to get that gap fill fast before the charts rollover and force a pullback. It’s still hard too read at this point as we haven’t broken down clearly yet (below 2040) or broken out (above 2100), so we are still in a zone of “in-decision” it appears. I’m bearish until that gap is filled, and then I’ll be neutral.
Thanks Doug… keep up the good posting.
with future options pointing, see this week as:
DOW- flat …..important support DIA $176.27
S&P-flat, slight up bias……..important support SPY $204.75
NASDAQ-medium DOWN bias, QQQ to work eventually to $104.49 support
RUSSEL-flat…..important support IWM $123.36
OIL- high DOWN bias, USO eventually to test double bottom $15.61
VIX-medium to medium/high volatility
GOLD- down bias, but slight bottoming tail last week..important resistance GLD $114.03
SILVER-down bias, Bottom Tail last week, LOOKS ready to work move up, watch SLV
COPPER-High up bias, Bottom tail last week, watch JJC
Have a good week
$Doug OUT!
At some point when the market bottoms I’m sure they’ll have a miracle deal come through.
No Greek agreement! Market in the toilet.
If we were to lose 2040, we’ll probably see an elevator down move to the next stop at about 2009. Under that, and we’re in a serous correction.
Later, Crawford
Truly sad that they are able to put up a stature promoting Satan.
FOEGOT
VIX- 30% long
Didn’t have time to study yet on it but I will put it on Sunday night
Externalization of the hierarchy https://twitter.com/RT_com/status/619806610182041600