I’m beginning to have my doubts on a rally up to 1187 now. Today’s failure by the bulls means tomorrow will be even harder to rally up as the daily chart is continuing to rollover. The market is simply forming a bear flag while working off the oversold conditions.
So, it’s looking like any pop higher tomorrow will likely work off all the oversold conditions by the close and be a shorting opportunity. We’ll see, but my original thoughts that we would rally to 1187 at least and possibly 1218-1220 are now becoming less likely. I’m still mostly in cash and waiting for the best spot to go short at.
I still believe we hit at least 1187 this week at least.
I’m beginning to have my doubts on a rally up to 1187 now. Today’s failure by the bulls means tomorrow will be even harder to rally up as the daily chart is continuing to rollover. The market is simply forming a bear flag while working off the oversold conditions.
So, it’s looking like any pop higher tomorrow will likely work off all the oversold conditions by the close and be a shorting opportunity. We’ll see, but my original thoughts that we would rally to 1187 at least and possibly 1218-1220 are now becoming less likely. I’m still mostly in cash and waiting for the best spot to go short at.
SILVER Triangle breakdown: http://niftychartsandpatterns.blogspot.com/2011/09/silver-testing-50-sma_12.html
Breakdown here and she’s going down hard….
http://screencast.com/t/Rz6rZwvlQu
USO Moving towards resistance line: http://niftychartsandpatterns.blogspot.com/2011/09/us-oil-moving-towards-resistance-line.html
There is an older movie (from 2004) called 11-11 the gate, that I’m trying to download (unsuccessfully), and a newer one coming out this 11-11-11…
http://seeker401.wordpress.com/2011/08/29/the-1111-meme-is-growing
Yes, that makes sense to me too. Maybe a doji today (slightly positive) and then rally into Thursday/Friday… with it crashing on Friday.
I suspect this week will be a replay of last week. Low on Monday and up and away thru wed. Significant sell off into Friday.
Interesting analysis (courtesy of Anna)…
http://allstarcharts.com/bank-of-america-technical-analysts-say-sp500-may-plunge-another-21/
ES Target for breakdown: http://niftychartsandpatterns.blogspot.com/2011/09/es-target-for-breakdown.html