If however they do a big squeeze today and pop out of the triangle forming… therefore actually hitting the 1273 spx level today, I will go short! That could be the last exhaustion move up that I’m looking for and then we would be free to gap down on Monday over some bad news from Euroland over the weekend.
Odds are looking like we will close between 1250-1255 spx today, then spike up Monday morning to hit that 200dma around 1273 spx… then collapse. I’ll be waiting until Monday to go short.
We are forming a bear flag right now and we could drop into the last hour or so… but, the charts are mixed right now and we could be in a channel that would mean we should have one more push up. This push would likely be on Monday morning, and should be around 1270 spx.
This can only happen if the bear flag fails. A move down from the bear flag means the high is likely in and we should close near the lows of the day. I’m being cautious here may wait until Monday to go short? It depends on how much strength this move up gets?
Looking at the ES, this market should be going down hard today, but the spx has mixed charts now and seems to be stopping the big decline. Light volume and the fact that it’s a Friday is another reason to be cautious here. The bears need a lower low here, while the bulls need a higher low. This should determine the rest of the day.
Note from your video last night regarding the flash crash. One way to look at the 1056 FP that showed up at 23:45 the night before is…it’s 11:45 pm what is that 11 & (4+5 = 9) or 119 or 911 in reverse. Which may add justification to the 119 SPY FP that recently showed up.
Yes, this is the start of it… but I’m still not sure if today is going to be a huge down day? Volume seems light and the short terms charts look oversold now and ready to turn back up. I’m just not sure how high they plan to push it too?I
was expecting a gap up first…. as in an “exhaustion” gap. But it
didn’t happen… So, I’m going to sit on my hands and wait until I see
what the market wants too do. Usually there is a final squeeze up to
kill the last bear. This move down doesn’t feel right… could be a
trap?
This market is toast next week ACP…
😉
Yeah, PUMP that euro Madman Ben!
If however they do a big squeeze today and pop out of the triangle forming… therefore actually hitting the 1273 spx level today, I will go short! That could be the last exhaustion move up that I’m looking for and then we would be free to gap down on Monday over some bad news from Euroland over the weekend.
Odds are looking like we will close between 1250-1255 spx today, then spike up Monday morning to hit that 200dma around 1273 spx… then collapse. I’ll be waiting until Monday to go short.
ES Support and resistance lines: http://niftychartsandpatterns.blogspot.com/2011/11/es-support-and-resistance-lines.html
Here your quick video update…
http://screencast.com/t/N29QyMZeNa4
We are forming a bear flag right now and we could drop into the last hour or so… but, the charts are mixed right now and we could be in a channel that would mean we should have one more push up. This push would likely be on Monday morning, and should be around 1270 spx.
This can only happen if the bear flag fails. A move down from the bear flag means the high is likely in and we should close near the lows of the day. I’m being cautious here may wait until Monday to go short? It depends on how much strength this move up gets?
Looking at the ES, this market should be going down hard today, but the spx has mixed charts now and seems to be stopping the big decline. Light volume and the fact that it’s a Friday is another reason to be cautious here. The bears need a lower low here, while the bulls need a higher low. This should determine the rest of the day.
Thanks Johnny… that makes sense now. I can’t catch them all, which is why I count on my readers to help. 🙂
Red,
Note from your video last night regarding the flash crash. One way to look at the 1056 FP that showed up at 23:45 the night before is…it’s 11:45 pm what is that 11 & (4+5 = 9) or 119 or 911 in reverse. Which may add justification to the 119 SPY FP that recently showed up.
Yes, this is the start of it… but I’m still not sure if today is going to be a huge down day? Volume seems light and the short terms charts look oversold now and ready to turn back up. I’m just not sure how high they plan to push it too?I
was expecting a gap up first…. as in an “exhaustion” gap. But it
didn’t happen… So, I’m going to sit on my hands and wait until I see
what the market wants too do. Usually there is a final squeeze up to
kill the last bear. This move down doesn’t feel right… could be a
trap?