The 60min and 2hr chart want to rollover here on the ES Futures and take down the SPX and SPY with it but the 4hr wants to push up to the double top range before giving up the bull ship. This down move will likely be reversed once the selling pressure lets up a little here soon. Then I do think we’ll see another squeeze higher before rolling over for real.
Tuesday update: Still more room to go up on the 4hr ES Chart, but not much. Could top today if they squeeze on up to new highs and take out all the bears that are short with stops above the recent highs.
I don’t know if that will happen today or if they decide to pull back a little first and run it up there on Wednesday or Thursday? They are so close right now that I suspect they will attempt it today. The charts will be too overbought in another day or two, so I’m holding firm and not looking for any short until they double top the ES (2110) and pierce it a few points to take out the bears.
The rest of today should now be choppy wearing the bears out as the big boys hold the market up and unload more of their longs. It’s a common practice that I’ve noticed they do to lure in a bunch of bears, then they have one more move higher late in the day to take them out.
We are at gap window on the SPX and half way up above gap window on the SPY. The Nasdaq is closer to gap window, along with the QQQ’s and IWM on the Russell. So the SPY is leading the pack here as it could actually close the gap (from Friday) at some point today.
The important thing to note here is that the market is HEAVILY RIGGED in favor of the Bulls. So bullish patterns work 90% of the time while bearish pattern are manipulated to fail early in the pattern development and only at the most extreme moment do they allow them work. They do not want any bears to be short before a big move down which is why they pull a stunt like they did on Friday when the bears weren’t expecting it.
Then today they reverse it back up to shake out all the bears again before they pull another stunt like last Friday and drop it all day from a gap down and go. So you need to always expect them to take it higher then you see in the charts and to keep it from going as low as you expect on the downside.
So what’s the likely evil plan from Dr. Evil today you ask? Probably a close near the highs making everyone afraid to short overnight, which is the perfect time to gap it down again and wipe out the bulls with no bears on board. That’s what I’d do if I were SkyNet.
I’m looking for an early to midday top and then another move down later in the day or more likely on Tuesday. Hard too figure out the upside target as the futures are already up nicely and hitting resistance. Possibly they drop some early and then back up into midday to late in the day to put in that high I’m looking for.
It’s just more about watching the short term charts get overbought then it is a certain price level, as there are different levels of resistance that could stop the rally. However, from the looks of how strong the futures are now I would be surprised if they don’t attempt a gap fill or gap window high before rolling over again.
Downside target is just below the previous multi-bottoming zone of 2050-2040, so down as low as 2030 is possible to take out the bulls before they turn back up again. The next big rally though should put in a new high and make a run for 2200 into early May. This bull isn’t dead yet I’m afraid. Sorry bears…
Yeah… that’s a big “if” though. I seriously doubt if we see 1986 anytime soon. I’m expecting a bounce Monday and then another move down on Tuesday. I’m not looking for any lower then the 2030-2040 area to clear out all the bulls’ longs sitting right below that 2040-2050 multi-bottom zone. Then I think we’ll go up to new highs into the first half of May.
IWM Update: http://screencast.com/t/f8gTlMQc5jA
Topping tails everywhere. The market wants to rollover but it’s being held up.
The 60min and 2hr chart want to rollover here on the ES Futures and take down the SPX and SPY with it but the 4hr wants to push up to the double top range before giving up the bull ship. This down move will likely be reversed once the selling pressure lets up a little here soon. Then I do think we’ll see another squeeze higher before rolling over for real.
Tuesday update: Still more room to go up on the 4hr ES Chart, but not much. Could top today if they squeeze on up to new highs and take out all the bears that are short with stops above the recent highs.
I don’t know if that will happen today or if they decide to pull back a little first and run it up there on Wednesday or Thursday? They are so close right now that I suspect they will attempt it today. The charts will be too overbought in another day or two, so I’m holding firm and not looking for any short until they double top the ES (2110) and pierce it a few points to take out the bears.
Very funny… I forgotten about that seen in the end from the movie with Matt Damon. So true.
“Is that a qualification for being in the NSA? Do you have to be a good liar?” https://www.youtube.com/watch?v=ksqcpxCi6t4
The rest of today should now be choppy wearing the bears out as the big boys hold the market up and unload more of their longs. It’s a common practice that I’ve noticed they do to lure in a bunch of bears, then they have one more move higher late in the day to take them out.
We are at gap window on the SPX and half way up above gap window on the SPY. The Nasdaq is closer to gap window, along with the QQQ’s and IWM on the Russell. So the SPY is leading the pack here as it could actually close the gap (from Friday) at some point today.
The important thing to note here is that the market is HEAVILY RIGGED in favor of the Bulls. So bullish patterns work 90% of the time while bearish pattern are manipulated to fail early in the pattern development and only at the most extreme moment do they allow them work. They do not want any bears to be short before a big move down which is why they pull a stunt like they did on Friday when the bears weren’t expecting it.
Then today they reverse it back up to shake out all the bears again before they pull another stunt like last Friday and drop it all day from a gap down and go. So you need to always expect them to take it higher then you see in the charts and to keep it from going as low as you expect on the downside.
So what’s the likely evil plan from Dr. Evil today you ask? Probably a close near the highs making everyone afraid to short overnight, which is the perfect time to gap it down again and wipe out the bulls with no bears on board. That’s what I’d do if I were SkyNet.
I’m looking for an early to midday top and then another move down later in the day or more likely on Tuesday. Hard too figure out the upside target as the futures are already up nicely and hitting resistance. Possibly they drop some early and then back up into midday to late in the day to put in that high I’m looking for.
It’s just more about watching the short term charts get overbought then it is a certain price level, as there are different levels of resistance that could stop the rally. However, from the looks of how strong the futures are now I would be surprised if they don’t attempt a gap fill or gap window high before rolling over again.
Downside target is just below the previous multi-bottoming zone of 2050-2040, so down as low as 2030 is possible to take out the bulls before they turn back up again. The next big rally though should put in a new high and make a run for 2200 into early May. This bull isn’t dead yet I’m afraid. Sorry bears…
Yeah… that’s a big “if” though. I seriously doubt if we see 1986 anytime soon. I’m expecting a bounce Monday and then another move down on Tuesday. I’m not looking for any lower then the 2030-2040 area to clear out all the bulls’ longs sitting right below that 2040-2050 multi-bottom zone. Then I think we’ll go up to new highs into the first half of May.
we failed the 2086 … I see 1986 by 1st week of May.