Markets should go down on Monday/Tuesday, and then up on Tuesday/Wednesday into Bernanke speaking Wednesday/Thursday. This coming Thursday is the 29th (2+9=11), and that would be my best guess as to when the next big move down starts.
The Legatus meeting is on the same day as ‘Packers and Pumpkins’ at my kids school. I am sure we are in for a doozey, the Packers, Pumpkin Carving, and a meeting of a bunch of psuedo snotty rich Catholics on the same day!
Sold approx 30% of my shorts at the 1205 level. Down to the 60% level. I am going to do some swing trades. I still believe the markets will end on their lows late today and no later than Monday.
Gang, looks like today will be a choppy day. While it’s up a little right now, I think it will be range bound between the lower support of about 1190 ES and resistance from the double top on 08/31 of 1223 ES. Not sure where we’ll close, but it will likely be just a doji day… meaning slightly up or slightly down. Overall, just a boring day for most traders. But of course day traders might enjoy the moves up and down.
Like Rounded Bottoms, the Cup with Handle is a
long-term pattern. According to O’Neil, the cup duration is between 7
to 65 weeks. According to Gregory Khun, the cup “is usually three to six
months in duration but can be as long as 12 months during bear markets
or as short as seven weeks during bull markets.” The handle usually
develops in 1-2 weeks.
Markets should go down on Monday/Tuesday, and then up on Tuesday/Wednesday into Bernanke speaking Wednesday/Thursday. This coming Thursday is the 29th (2+9=11), and that would be my best guess as to when the next big move down starts.
The Legatus meeting is on the same day as ‘Packers and Pumpkins’ at my kids school. I am sure we are in for a doozey, the Packers, Pumpkin Carving, and a meeting of a bunch of psuedo snotty rich Catholics on the same day!
Sorry that was 1207 I sold.
Sold approx 30% of my shorts at the 1205 level. Down to the 60% level. I am going to do some swing trades. I still believe the markets will end on their lows late today and no later than Monday.
Good luck every one
Gang, looks like today will be a choppy day. While it’s up a little right now, I think it will be range bound between the lower support of about 1190 ES and resistance from the double top on 08/31 of 1223 ES. Not sure where we’ll close, but it will likely be just a doji day… meaning slightly up or slightly down. Overall, just a boring day for most traders. But of course day traders might enjoy the moves up and down.
Trading Considerations
Duration of the Pattern
Like Rounded Bottoms, the Cup with Handle is a
long-term pattern. According to O’Neil, the cup duration is between 7
to 65 weeks. According to Gregory Khun, the cup “is usually three to six
months in duration but can be as long as 12 months during bear markets
or as short as seven weeks during bull markets.” The handle usually
develops in 1-2 weeks.
Target Price
fwi Red, cup and handle patterns are not too reliable except on longer term charts ie: daily weekly monthly just so you know
All is quiet for now. My calibratror is still indicating up, but my bear addled brain isn’t reacting to that yet.
SP 1208 is the 20 month moving average. In May 2008, the SP tagged it from below and then made the long hard move down into the fall of 2008.
SP closed at 1209.11 today another interesting close. Another one of these closes made during the pre-flash crash high day of 4-26-10. (high of 1219).
That was surprising to me.