I can’t see your upside target on the QQQ until we first have another move down across the board. We need to flush out the longs and get more bears short before we can make a double top or new highs I think Z…
This is the week prior to the monthly options expiration and there is typically a low put in on the Thursday or Friday prior to it, which is this week. So I’m inclined to believe we are still range bound with another move down yet to come. After a low this coming Thursday or Friday then I’d expect next week to rally up strongly with better chance at making a new higher high.
However, we still need to hold the rising trendline on the weekly chart that started in 2011 which is around 2050 SPX from the looks of it. So this Friday needs to be above that area by the close of that day. It’s entirely possible that we’ll go down 10-20 points below that on Thursday or Friday morning and then rally up to save the weekly chart for a close on/above that trendline.
So I’m not sure if we’ll get a gap up Tuesday (tomorrow) or not, but if we do I think we’ll run into a strong resistance level and start our trip back down the rest of the day into Thursday/Friday. There’s not been any real “washout” on the bottom area yet and I really think we’ll take out all the bulls that are long with stops under the 2039, 2040, 2045, and 2048 quad bottom levels recently.
Meaning around 10-20 points below those levels seems likely so all those bulls will be taken out and then we’ll start a powerful rally into the rest of this week and next week. New highs then can happen as there will be plenty of bulls not long (as they got their stops hit) and will have to buy at higher levels, which will hit more bear buy stops and of course that’s how you get a fire going strongly on the bull side.
SkyNet hasn’t been giving us traders (bulls and bears) many chances on gap ups to short so we could top today? Today was the first gap I’ve seen in awhile that was a buying opportunity. Lately all the gaps (up or down) have been a continuation in that direction the rest of the day. This time they reversed and went the other direction.
So I think SkyNet is flipping back to gaps and then a reversal in the other direction for awhile. Up until today the program has been set to gap and go as we’ve seen many times in the recent past. I recall a day where we went up about 30 points, closed around the high and then gaped down the next day and continued down the rest of that day and into the next day.
I think that’s change now back to the old program of a gap and a reversal instead of a gap and go. So if we gap up tomorrow and hit around 2100 SPX or 210 SPY I think we’ll reverse and go back down the rest of the day.
Today it happened right at the open but it really happened on Friday with the NFP report and the sharp move down in the future. Tomorrow I doubt that we’ll see some perfect short entry with a gap up to 2100 right at the open, as I’m sure it will be trickery then that.
Possibly a small gap down and then a rally into midday to top out around 2100 and then a rollover the rest of the day to start the move down into the Thurs/Fri low? I’ve seen that pattern a lot recently, but I don’t know if it’s still in play or not? I do think SkyNet runs certain patterns for several weeks and then switches to a new game book.
Regardless of the way it happens I don’t see any short from the current levels as we aren’t up high enough in my opinion. But I also don’t see any gap down tomorrow being a “continuation” move either. Meaning it will likely be bought up this time as later comer bulls buy and bears exit… which should give us another push up in the market.
Most of those guys on the Wisconsin team looked like they were straight out of the 1986 Hoosiers flick (50s era crew cuts etc.)..which might have been intentional…..never seen the movie though, only clips. They played a very Bobby Knight disclipined style….no point gaurd dominating the ball, moving the ball round, playing strong fundamentals, defensive positioning and rebounding.
agreed, i think we get a down trend day, +1% or more down, the closer to 109, the QQQ gets…
I can’t see your upside target on the QQQ until we first have another move down across the board. We need to flush out the longs and get more bears short before we can make a double top or new highs I think Z…
The market feels like it wants to rollover here but with extremely light volume everywhere they are holding it up for now it seems.
QQQ forecast price for earnings Q115
http://zstock7.com/?p=9376
possible 111.9 —we’ll see
I could see 5-8 more points on the upside and then it should pullback some.
Should happen today if we are to drop into Thurs/Fri…
so far sooooooooooooo good! Let’s see if we close above 2090 then we move to 2100 is a heart beat.
This is the week prior to the monthly options expiration and there is typically a low put in on the Thursday or Friday prior to it, which is this week. So I’m inclined to believe we are still range bound with another move down yet to come. After a low this coming Thursday or Friday then I’d expect next week to rally up strongly with better chance at making a new higher high.
However, we still need to hold the rising trendline on the weekly chart that started in 2011 which is around 2050 SPX from the looks of it. So this Friday needs to be above that area by the close of that day. It’s entirely possible that we’ll go down 10-20 points below that on Thursday or Friday morning and then rally up to save the weekly chart for a close on/above that trendline.
So I’m not sure if we’ll get a gap up Tuesday (tomorrow) or not, but if we do I think we’ll run into a strong resistance level and start our trip back down the rest of the day into Thursday/Friday. There’s not been any real “washout” on the bottom area yet and I really think we’ll take out all the bulls that are long with stops under the 2039, 2040, 2045, and 2048 quad bottom levels recently.
Meaning around 10-20 points below those levels seems likely so all those bulls will be taken out and then we’ll start a powerful rally into the rest of this week and next week. New highs then can happen as there will be plenty of bulls not long (as they got their stops hit) and will have to buy at higher levels, which will hit more bear buy stops and of course that’s how you get a fire going strongly on the bull side.
SkyNet hasn’t been giving us traders (bulls and bears) many chances on gap ups to short so we could top today? Today was the first gap I’ve seen in awhile that was a buying opportunity. Lately all the gaps (up or down) have been a continuation in that direction the rest of the day. This time they reversed and went the other direction.
So I think SkyNet is flipping back to gaps and then a reversal in the other direction for awhile. Up until today the program has been set to gap and go as we’ve seen many times in the recent past. I recall a day where we went up about 30 points, closed around the high and then gaped down the next day and continued down the rest of that day and into the next day.
I think that’s change now back to the old program of a gap and a reversal instead of a gap and go. So if we gap up tomorrow and hit around 2100 SPX or 210 SPY I think we’ll reverse and go back down the rest of the day.
Today it happened right at the open but it really happened on Friday with the NFP report and the sharp move down in the future. Tomorrow I doubt that we’ll see some perfect short entry with a gap up to 2100 right at the open, as I’m sure it will be trickery then that.
Possibly a small gap down and then a rally into midday to top out around 2100 and then a rollover the rest of the day to start the move down into the Thurs/Fri low? I’ve seen that pattern a lot recently, but I don’t know if it’s still in play or not? I do think SkyNet runs certain patterns for several weeks and then switches to a new game book.
Regardless of the way it happens I don’t see any short from the current levels as we aren’t up high enough in my opinion. But I also don’t see any gap down tomorrow being a “continuation” move either. Meaning it will likely be bought up this time as later comer bulls buy and bears exit… which should give us another push up in the market.
Bear squeeze… typical I guess when you have such light volume.
Most of those guys on the Wisconsin team looked like they were straight out of the 1986 Hoosiers flick (50s era crew cuts etc.)..which might have been intentional…..never seen the movie though, only clips. They played a very Bobby Knight disclipined style….no point gaurd dominating the ball, moving the ball round, playing strong fundamentals, defensive positioning and rebounding.