Went deeper then I thought they’d allow it to go this week. At this point we should have a bounce sometime today and then one more move lower to the 2020 area before we start a rally back up toward 2100 area. We are at a triple bottom now which “they” say triple tops and bottom rarely hold and almost always get broken.
My big concern now is that weekly rising trendline from 2011, which will be broken if they go down into Thursday and don’t start that up move from say 2020 area toward 2100. I actually think now that’s the plan… to hit that bottom area later today or Thursday morning and then rip higher the rest of the day to save the weekly trendline.
The market looks to me like it’s going to chop around the rest of this week not making much traction on the upside or downside. Possibly they get it up to 2080-2090 SPX area by Thursday’s close but I wouldn’t be surprised if we don’t drop to 2060 at some point before bouncing back up.
I just don’t see a clear direction either way as the charts are all mixed, which is why I think we’ll be in a zone from 2060-2090 the rest of this week. The BIG concerns is the Non-Farm Payroll report being released on Friday at 8:30am when the market is closed. I remember several years back when they had a holiday weekend and pulled that Dubai trick.
I think that was Thanksgiving if I recall? The market was closed on Thursday and only open for half the day on Friday. Traders all left for the 4 day weekend and that Friday they announced the Dubai news (been so long I forgot what it was… a possible default I think?). The market tanked hard in the futures from the news but by the time they reopened on Monday it was barely down.
We could see a similar plan here with them possibly releasing bad news with the NFP report this Friday when every trader is gone for the 3 day weekend. Then they’d have all weekend to have their paid puppet actors spin the news as “not so bad” with their propaganda TV mind control weapon.
So we could see them save the market Monday as they get the charts very oversold during that 3 day period but hold the actual price level up. That means Monday it could be down just 10 or 20 points instead of 50 or 100 points.
Hard too know the plan here but currently the charts are lining up bearish going into next week. We all know how they manipulate them but possibly they won’t be able to juice the market up to all time new highs this time and can only keep the fall to a minimum?
I get the feeling that this will be the time that we finally break the rising trendline of support on the weekly chart starting back in 2011. We broke it once back in Sept/Oct of 2014 intra-week but recovered by that Friday to close on the line and leave a nice long bottoming tail. But the market looks like it’s really struggling to hold that line currently.
The monthly chart is very tired too I think and doesn’t look like it can help save the weekly chart this time around as it’s actually slightly negative on it’s Histogram bars (-0.93) whereas it was still in positive territory last year. Even-though we are starting a new month this April there is still some downward pressure on the market being applied from the monthly chart.
That, along with the weak (and negative histogram bars) on the weekly chart tells me we might just see it give up that rising trendline of support it’s rode on since 2011. This would be bearish at first but later it would allow the market to rally up and backtest that broken trendline months into the futures.
i’m back to calling market top pullbacks, (we got us some volatility, finally), with pin point accuracy, past 1.4 years…makes trading a lot easier ….I’ll come by and leave the link, at the next pullback, if i see the signal…..still a lot of artistic license involved, so —oh well, same as it ever was….
Facebook isn’t posting my disqus comments anymore it seems. When I make a comment here I click on the share button and repost it on twitter and then I try to repost it on facebook. But with facebook you have to copy your comment as it doesn’t auto-fill like with twitter… and you have to fill out a stupid captcha now! WTF?
I was doing all of that up until last week when friend told me that I had not posted anything new on facebook for many weeks and I told him I was reposting these comments there everyday, going through all the stupid hoops and everything. But apparently they still weren’t being posted? So I just stopped reposting on facebook about a week ago now it was working. But I still do the twitter reposting.
If I were SkyNet I’d gap up tomorrow, go back down to make a lower low, then rip it back up the rest of the day.
Went deeper then I thought they’d allow it to go this week. At this point we should have a bounce sometime today and then one more move lower to the 2020 area before we start a rally back up toward 2100 area. We are at a triple bottom now which “they” say triple tops and bottom rarely hold and almost always get broken.
My big concern now is that weekly rising trendline from 2011, which will be broken if they go down into Thursday and don’t start that up move from say 2020 area toward 2100. I actually think now that’s the plan… to hit that bottom area later today or Thursday morning and then rip higher the rest of the day to save the weekly trendline.
The market looks to me like it’s going to chop around the rest of this week not making much traction on the upside or downside. Possibly they get it up to 2080-2090 SPX area by Thursday’s close but I wouldn’t be surprised if we don’t drop to 2060 at some point before bouncing back up.
I just don’t see a clear direction either way as the charts are all mixed, which is why I think we’ll be in a zone from 2060-2090 the rest of this week. The BIG concerns is the Non-Farm Payroll report being released on Friday at 8:30am when the market is closed. I remember several years back when they had a holiday weekend and pulled that Dubai trick.
I think that was Thanksgiving if I recall? The market was closed on Thursday and only open for half the day on Friday. Traders all left for the 4 day weekend and that Friday they announced the Dubai news (been so long I forgot what it was… a possible default I think?). The market tanked hard in the futures from the news but by the time they reopened on Monday it was barely down.
We could see a similar plan here with them possibly releasing bad news with the NFP report this Friday when every trader is gone for the 3 day weekend. Then they’d have all weekend to have their paid puppet actors spin the news as “not so bad” with their propaganda TV mind control weapon.
So we could see them save the market Monday as they get the charts very oversold during that 3 day period but hold the actual price level up. That means Monday it could be down just 10 or 20 points instead of 50 or 100 points.
Hard too know the plan here but currently the charts are lining up bearish going into next week. We all know how they manipulate them but possibly they won’t be able to juice the market up to all time new highs this time and can only keep the fall to a minimum?
I get the feeling that this will be the time that we finally break the rising trendline of support on the weekly chart starting back in 2011. We broke it once back in Sept/Oct of 2014 intra-week but recovered by that Friday to close on the line and leave a nice long bottoming tail. But the market looks like it’s really struggling to hold that line currently.
The monthly chart is very tired too I think and doesn’t look like it can help save the weekly chart this time around as it’s actually slightly negative on it’s Histogram bars (-0.93) whereas it was still in positive territory last year. Even-though we are starting a new month this April there is still some downward pressure on the market being applied from the monthly chart.
That, along with the weak (and negative histogram bars) on the weekly chart tells me we might just see it give up that rising trendline of support it’s rode on since 2011. This would be bearish at first but later it would allow the market to rally up and backtest that broken trendline months into the futures.
http://stockcharts.com/public/1092905/chartbook/312846787
I just wonder how they drilled the hole in the middle up from the stairs to the top? http://reddragonleo.com/wp-content/uploads/best-zombie-apocalypse-fortress-ever.jpg
Give me a gap up Tuesday and I’d short this pig as fast as you can say oink oink! LOL
ES Update: http://screencast.com/t/DkVToTEr6
SPY Update: http://screencast.com/t/95f8lgLa
i’m back to calling market top pullbacks, (we got us some volatility, finally), with pin point accuracy, past 1.4 years…makes trading a lot easier ….I’ll come by and leave the link, at the next pullback, if i see the signal…..still a lot of artistic license involved, so —oh well, same as it ever was….
Facebook isn’t posting my disqus comments anymore it seems. When I make a comment here I click on the share button and repost it on twitter and then I try to repost it on facebook. But with facebook you have to copy your comment as it doesn’t auto-fill like with twitter… and you have to fill out a stupid captcha now! WTF?
I was doing all of that up until last week when friend told me that I had not posted anything new on facebook for many weeks and I told him I was reposting these comments there everyday, going through all the stupid hoops and everything. But apparently they still weren’t being posted? So I just stopped reposting on facebook about a week ago now it was working. But I still do the twitter reposting.
Anywyay… how’s life my old friend?
facebook got me here! haha
https://www.facebook.com/reddragon.leo