Hmmm… they might want to take this down to the 1215 spx/ex level first and then backtest the broken trendline into the lunch period? That was the level I discussed in the “Tuesday Video Update”. If so, then the trendline will be broken… obviously.
We should PW, as this is likely just retail bears shorting this pig. The 5 and 15 minute chart is what is causing the selling right now. I do expect them to turn back up when the heavy volume dries up. I’ll wait until closer to the close of the day (after the lunch time float up) before getting short.
ES Four hour chart: http://niftychartsandpatterns.blogspot.com/2011/10/es-trend-update_26.html
EUR/USD dropped 1.75c in less than 90 minutes. That might be a record…
We should bounce here as we just hit the trendlne from the May 2nd high… pretty important line I’d think.
Hmmm… they might want to take this down to the 1215 spx/ex level first and then backtest the broken trendline into the lunch period? That was the level I discussed in the “Tuesday Video Update”. If so, then the trendline will be broken… obviously.
Unable to open the video, with my new I pad.
Here’s your “Quick 5 Minute Update”…
http://screencast.com/t/atuLAqZDj
We should PW, as this is likely just retail bears shorting this pig. The 5 and 15 minute chart is what is causing the selling right now. I do expect them to turn back up when the heavy volume dries up. I’ll wait until closer to the close of the day (after the lunch time float up) before getting short.
I hope we get more of a pop up here in the markets, I want to buy some puts on the sp. I may have to layer in here.
The 30 and 60 minute charts are in oversold territory and hooking up… we should rally after the 9:30 am – 11:30 am heavy volume drys up.
Back to breakeven,I am very, very reluctant to let my position go now, Arthur is neutral for the moment.