Very overbought now, but we bears know they can make the pig even fatter. Gaps are filled about everywhere now (except the new one’s created today on the upside of course). It’s obviously looking good for the bulls now. Still should pullback but from what level is the question?
If they gap up tomorrow I think it’s a small short for a pullback. If they open flat (or down) then we should rollover and pullback to that 2075-2085 area I think. But a strong gap up means a smaller pullback.
Gaps filled on the SPY and QQQ, but not quite on the SPX and the TVIX. Once filled the odds of a big drop starting this week are 50/50 I think. In fact they will likely change the chart setup to bullish for several weeks if this happens.
However, there’s still likely to be a pullback this week to fill this gap up. Possibly even tomorrow? It’s “Turnaround Tuesday” so it would be a good day to pullback. Plus the charts are very overbought on the short term right now and point to a pullback tomorrow as being the most likely period.
I think one should exit shorts on this pullback (assuming it happens) and re-evaluate. I could see 2075-2085 SPX for this pullback. I’ll check the charts again then to see if the bear case is still intact, but I get the feeling after this pullback they will have aligned the charts bullish.
If these charts turn bullish then we are likely off to new highs in the coming weeks. I’d guess we are going toward 2200 area (+/- 25 points).
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.
Moon soon to enter Cancer joining all of the heated activity in there.
SP rallies back to its 50 day average.
Very overbought now, but we bears know they can make the pig even fatter. Gaps are filled about everywhere now (except the new one’s created today on the upside of course). It’s obviously looking good for the bulls now. Still should pullback but from what level is the question?
If they gap up tomorrow I think it’s a small short for a pullback. If they open flat (or down) then we should rollover and pullback to that 2075-2085 area I think. But a strong gap up means a smaller pullback.
Gaps filled on the SPY and QQQ, but not quite on the SPX and the TVIX. Once filled the odds of a big drop starting this week are 50/50 I think. In fact they will likely change the chart setup to bullish for several weeks if this happens.
However, there’s still likely to be a pullback this week to fill this gap up. Possibly even tomorrow? It’s “Turnaround Tuesday” so it would be a good day to pullback. Plus the charts are very overbought on the short term right now and point to a pullback tomorrow as being the most likely period.
I think one should exit shorts on this pullback (assuming it happens) and re-evaluate. I could see 2075-2085 SPX for this pullback. I’ll check the charts again then to see if the bear case is still intact, but I get the feeling after this pullback they will have aligned the charts bullish.
If these charts turn bullish then we are likely off to new highs in the coming weeks. I’d guess we are going toward 2200 area (+/- 25 points).
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.