Famous Whipsaw Wednesday that happens during options X week is just like this day. They going to trick trick trick to suck as much possible $$$ out of traders as the Time Factor works to finally show direction!
Looks like the bullish setup I seen yesterday used up all it’s juice in the afterhours and premarket session and actually got overbought by the open… LOL! I’m so used to “them” screwing the bears by taking an overbought chart (on the futures) and getting it oversold the next morning to prevent a drop in the SPX Cash that it fooled me.
Too many times in the past the SPX Cash would get very overbought and look like it was ready to drop hard the next day but “they” would used the ES Futures to prevent the drop. It was common policy to drive the overbought futures into oversold territory afterhours that by the open the next day it didn’t have anymore room down to go.
Then they would fight each other as the SPX wanted to drop while the Futures wanted to go up. In the end you’d have a choppy day that frustrated the bears because it wouldn’t tank big and got the bulls angry too as it wouldn’t go up huge either. But it looks like that old pattern is now reversing.
Now I see choppy Wednesday and a flush out move on Thursday. Then chop on Friday to trick the bulls and the bears with “indecision”. Historically next week should be a bullish week since it’s option expiration week. However, if we close this week with a break of the rising trendline of support from 2011 I think we’ll drop hard next week and fool all the bulls.
A closing break of that blue trendline should trigger hedge funds and mutual funds to hit the “sell” button in my opinion. So past “bullish option expiration” stat’s won’t likely hold up this go around. If they hold that line then “possibly” the low this week will end it? But the monthly chart suggests more downside is still coming and that weekly chart doesn’t look bottomed to me yet.
Amazing how bullish the ES Futures where yesterday and now they are all just as bearish. Only the SPX Cash is holding back a very large drop. It wants to go up from oversold conditions but the futures are really pushing down hard right now.
Market looks weak this morning. They might have used up all their bull juice last night after hours? Still could go up but not a strong as I seen in the charts yesterday. Better to watch for now.
LOL… “so far” is the keyword there. I don’t see it holding more then 1 or 2 days tops. It depends on how fast and how far it goes up. I still think we’ll rollover again later this week.
Famous Whipsaw Wednesday that happens during options X week is just like this day. They going to trick trick trick to suck as much possible $$$ out of traders as the Time Factor works to finally show direction!
Looks like the bullish setup I seen yesterday used up all it’s juice in the afterhours and premarket session and actually got overbought by the open… LOL! I’m so used to “them” screwing the bears by taking an overbought chart (on the futures) and getting it oversold the next morning to prevent a drop in the SPX Cash that it fooled me.
Too many times in the past the SPX Cash would get very overbought and look like it was ready to drop hard the next day but “they” would used the ES Futures to prevent the drop. It was common policy to drive the overbought futures into oversold territory afterhours that by the open the next day it didn’t have anymore room down to go.
Then they would fight each other as the SPX wanted to drop while the Futures wanted to go up. In the end you’d have a choppy day that frustrated the bears because it wouldn’t tank big and got the bulls angry too as it wouldn’t go up huge either. But it looks like that old pattern is now reversing.
Now I see choppy Wednesday and a flush out move on Thursday. Then chop on Friday to trick the bulls and the bears with “indecision”. Historically next week should be a bullish week since it’s option expiration week. However, if we close this week with a break of the rising trendline of support from 2011 I think we’ll drop hard next week and fool all the bulls.
http://stockcharts.com/public/1092905/chartbook/312846787
A closing break of that blue trendline should trigger hedge funds and mutual funds to hit the “sell” button in my opinion. So past “bullish option expiration” stat’s won’t likely hold up this go around. If they hold that line then “possibly” the low this week will end it? But the monthly chart suggests more downside is still coming and that weekly chart doesn’t look bottomed to me yet.
Looks like we are going to retest the 204.52 SPY low from the Sunday night futures session.
Amazing how bullish the ES Futures where yesterday and now they are all just as bearish. Only the SPX Cash is holding back a very large drop. It wants to go up from oversold conditions but the futures are really pushing down hard right now.
Market looks weak this morning. They might have used up all their bull juice last night after hours? Still could go up but not a strong as I seen in the charts yesterday. Better to watch for now.
Commercial Traders “High % of the time” point to what going to happen weeks out, that being said they point to be Flat.
http://www.cftc.gov/MarketReports/CommitmentsOfTraders/Index.htm
For next few days, it looks like an upward move, but not a big run as Charts, signals & time point to that.
Here is what I use to see S/R during that time:
http://www.stockta.com/cgi-bin/analysis.pl?symb=SPY&cobrand=&mode=stock
Meaning? Explain your thinking on it as to what the market should do tomorrow… like rally (I’m assuming).
Did you see the “Re-vised weekly CFTC report” they sent out this afternoon?
Funny they give a rare Re-vise on a day/weekend like this.
What a turn from last Thursday report….Commercial Traders are NOW flat on the Short to Long positions!
The big boys are just knocking out some of the bears, before they —–
LOL… “so far” is the keyword there. I don’t see it holding more then 1 or 2 days tops. It depends on how fast and how far it goes up. I still think we’ll rollover again later this week.