Volume on this move down is still light gang, and after we find a bottom today I still fully expect a rally the rest of the week. How much is unknown, but I think we will complete the 5th wave down today inside the first larger wave 1 down. That leaves the rest of the week to rally up for the larger 2 up, and then the crash the week follow… with the 29th being the big day!
I don’t think that was a FP, as most early morning prints “aren’t”… but somethings they act like magnets for the market. It could have just been indicating that the market will be rangebound around the low all day today?
There is a 119.92 spy pre-market print at 8:51 am that also has a high of 120.85, which could mean that we are “rangebound” today in-between those levels. I’m expecting a choppy day that hovers around the low all day, and then some type of rally Tuesday and Wednesday from the expected light volume.
That was my forecast last Friday also…but now there’s a different feel…
I’ll still be watching for a possible weak drop, then rally, but now would be the perfect time to pull the rug out because everyone is expecting a “Santa Claus” rally. That’s all I hear everywhere…Santa Claus Rally, Santa Claus Rally. Wouldn’t that throw a monkey wrench into the market? If I were an HFT bot manager, I would tank this market now, to throw everything into chaos…
I think everyone is expecting that BH, except me… I’m expecting a light volume rally after a down day on Monday. Maybe not much for the week… who knows? But never the less I don’t see this week as a big down week. This all assumes they don’t pull another Dubai this Friday of course, which I don’t think they will. I think they will save that for the weekend when everyone is sleeping…
Volume on this move down is still light gang, and after we find a bottom today I still fully expect a rally the rest of the week. How much is unknown, but I think we will complete the 5th wave down today inside the first larger wave 1 down. That leaves the rest of the week to rally up for the larger 2 up, and then the crash the week follow… with the 29th being the big day!
I don’t think that was a FP, as most early morning prints “aren’t”… but somethings they act like magnets for the market. It could have just been indicating that the market will be rangebound around the low all day today?
Red, how far off the mark, before we can say that the FP is wrong?
AAPL Near 200 SMA: http://niftychartsandpatterns.blogspot.com/2011/11/apple-near-200-sma.html
Good Morning gang…
There is a 119.92 spy pre-market print at 8:51 am that also has a high of 120.85, which could mean that we are “rangebound” today in-between those levels. I’m expecting a choppy day that hovers around the low all day, and then some type of rally Tuesday and Wednesday from the expected light volume.
Bearish candle of crude oil: http://niftychartsandpatterns.blogspot.com/2011/11/bearish-candle-of-crude-oil.html
QQQ is at 54.9 in futures, overnight trading—-
right at my green area, go long signal. It looks like i get to see, if 10% pullback / fib 50%, is the support …
http://zstock7.com/wp-content/uploads/2011/10/qqq-11-1.jpg
this 54.5 support is also stretching the bands on my overnight charts to their MAX!!!
That was my forecast last Friday also…but now there’s a different feel…
I’ll still be watching for a possible weak drop, then rally, but now would be the perfect time to pull the rug out because everyone is expecting a “Santa Claus” rally. That’s all I hear everywhere…Santa Claus Rally, Santa Claus Rally. Wouldn’t that throw a monkey wrench into the market? If I were an HFT bot manager, I would tank this market now, to throw everything into chaos…
I think everyone is expecting that BH, except me… I’m expecting a light volume rally after a down day on Monday. Maybe not much for the week… who knows? But never the less I don’t see this week as a big down week. This all assumes they don’t pull another Dubai this Friday of course, which I don’t think they will. I think they will save that for the weekend when everyone is sleeping…
looking red tonight for ES tonight….Thanks Red for the update…I have a feeling this week will be a deep red candle on the weekly..:)