Time of the day is always important in figuring out the markets’ next move. Now that we have put in a slightly higher high (hitting 1161 spx) then this mornings’ 1159 spx high, we could have fulfilled the bull flag that was forming all day. I say this because we are getting close to the last hour of trading and I don’t see them making a second push higher to extend the bull flag distance.
There is no set level or percentage that any bull flag or bear flag has to go in order to fulfill it. It simply means that it will pop higher at some point. Since we did move up 2 points, and make a new high, we fulfilled the bull flag pattern and now there’s no obvious pattern in the charts right now.
They also cleared out some overhead stops that the bears placed from this mornings’ 1159 high. This, along with the charts and the time of day, tells me that we are likely to sell off the last hour of trading. If so, then we could put in a nice topping tail going into tomorrows’ NFP report… which should be the needle needed to pop this balloon.
I’m staying short. They are 95%+ done with this up move, so I’ll just ride out the remaining 5%… if they go any higher? What I expect here is a quick squeeze above the 116.00 spy level and then a move back down. This will be done to sweep out of the bears stops…
They may want to take it higher, as all this sideways chop is putting in a bull flag while the 30 minute chart resets…. not good for the bears! What’s Arthur say?
Time of the day is always important in figuring out the markets’ next move. Now that we have put in a slightly higher high (hitting 1161 spx) then this mornings’ 1159 spx high, we could have fulfilled the bull flag that was forming all day. I say this because we are getting close to the last hour of trading and I don’t see them making a second push higher to extend the bull flag distance.
There is no set level or percentage that any bull flag or bear flag has to go in order to fulfill it. It simply means that it will pop higher at some point. Since we did move up 2 points, and make a new high, we fulfilled the bull flag pattern and now there’s no obvious pattern in the charts right now.
They also cleared out some overhead stops that the bears placed from this mornings’ 1159 high. This, along with the charts and the time of day, tells me that we are likely to sell off the last hour of trading. If so, then we could put in a nice topping tail going into tomorrows’ NFP report… which should be the needle needed to pop this balloon.
The russel does not seem to confirm this up move.
Great first fill. Looking for the next two levels. The gangsters are really throwing as much spit as they can here.
I’m staying short. They are 95%+ done with this up move, so I’ll just ride out the remaining 5%… if they go any higher? What I expect here is a quick squeeze above the 116.00 spy level and then a move back down. This will be done to sweep out of the bears stops…
Arthur is telling me the ELF’s are on full throttle, but no matter I am scalin in boys. One step at a time. Just going in now.
They may want to take it higher, as all this sideways chop is putting in a bull flag while the 30 minute chart resets…. not good for the bears! What’s Arthur say?
Just got back, doesn’t look like I missed much chatter around here.
Dow Jones resistance levels: http://niftychartsandpatterns.blogspot.com/2011/10/dow-jones-resistance-levels.html
Ok,
Here’s your signal… the Russell is now hovering at 666 at 11:11 am CST. Yeah, I’d say the top is in!
I have been scaling in the shorts, very close to the top.