It’s sure looking that way now. I was thinking we’d drop back one more time but it “feels” like they now have enough new bears shorting up here that they will be able to do a slow grind higher with small pullbacks along the way.
There is a nice “W” pattern on the market now and if we get a pullback some next week it should make the first leg down of the “V” part, which could be anywhere in the 2075-2085 SPX area. Then we should see a powerful rally up from the right side of the “V” as it breaks out to new highs.
It’s just the opposite of an “MA” pattern, which is bearish while the “WV” is the bullish one. The extremely light volume is just killing the bears. So while I do expect some pullback it might not be as much as the bears would like. I guess we should all know by now that they aren’t going to let that weekly rising trendline from 2011 be broken anytime soon.
we will test 3/2 high and if we break thru it then will see 2175 in a heart beat. the trend is still UP perhaps until July. Sure we may see some pullbacks but up is the trend.
Don’t know about Lindsey? It just seems that ever since I’ve been listening to him his information has been wrong. As for the market they really seem to want 5000 again on the Nasdaq and 2100 on the SPX. Possibly we’ll have one more push higher later today or Monday and then we should top.
Tomorrow will be 4-10 or 41 or 14 and 14-15 and 56 two different ways. Quite impressive (146 as well). See the Black Friday song and the grey men jumping from the 14th floor……
But more likely according to one traditional measure, it should mark a top or transition day before the turn.
But we still need to see a 12 and the Miami Thrice, Tebow numbers so tomorrow doesn’t suffice. I guess the Greeks made their IMF payment today but I’ve seen no confirmation so far.
Should have a low early here in the morning and then rally later today, then down Wednesday.
The 208 SPY range (+/- .50 cents) seems to be the zone I’d look for this pullback to end.
Possibly we’ll see a “Turn-around Tuesday” at that level?
support now sits at 2086
It’s sure looking that way now. I was thinking we’d drop back one more time but it “feels” like they now have enough new bears shorting up here that they will be able to do a slow grind higher with small pullbacks along the way.
There is a nice “W” pattern on the market now and if we get a pullback some next week it should make the first leg down of the “V” part, which could be anywhere in the 2075-2085 SPX area. Then we should see a powerful rally up from the right side of the “V” as it breaks out to new highs.
It’s just the opposite of an “MA” pattern, which is bearish while the “WV” is the bullish one. The extremely light volume is just killing the bears. So while I do expect some pullback it might not be as much as the bears would like. I guess we should all know by now that they aren’t going to let that weekly rising trendline from 2011 be broken anytime soon.
we will test 3/2 high and if we break thru it then will see 2175 in a heart beat. the trend is still UP perhaps until July. Sure we may see some pullbacks but up is the trend.
Don’t know about Lindsey? It just seems that ever since I’ve been listening to him his information has been wrong. As for the market they really seem to want 5000 again on the Nasdaq and 2100 on the SPX. Possibly we’ll have one more push higher later today or Monday and then we should top.
I agree on markets. Regarding that Euro…FXE looking like it wants to make a lower low. MACD about to cross again. Maybe Lindsey on to something?
Probably a few more points on the upside here and I think we’ll top.
Tomorrow will be 4-10 or 41 or 14 and 14-15 and 56 two different ways. Quite impressive (146 as well). See the Black Friday song and the grey men jumping from the 14th floor……
But more likely according to one traditional measure, it should mark a top or transition day before the turn.
But we still need to see a 12 and the Miami Thrice, Tebow numbers so tomorrow doesn’t suffice. I guess the Greeks made their IMF payment today but I’ve seen no confirmation so far.
I’ll get to the Duke rituals in a later post.