Yeah, what a retracement to the last rally. 100% so far and counting. You know, these HFT patterns are really pissing me off. The rally into 7/7 – and subsequent failures – look very similar to the situation into and after 5/1. Now that I think of it, very similar to the rally into the end of February.
Remember, this August 30th is a turn date (New Moon)… so we could have a multi-day bounce next week. But tomorrow needs to have an exhaustion move to the downside. So far, it went as expected… up too fast, and sold back down.
Why do I say what… that the market will tank tomorrow if they don’t resolve the debt issue? That’s because the short term charts worked off most of their over sold conditions and can roll back down again for another leg. It doesn’t mean they will, only that they could easily sell off again.
The daily is pointing down, the 30 and 15 are pointing down… only the 60 is neutral and could go either way. Overall, I don’t see anything bullish for the morning session. Maybe it only drops in the morning and recovers in the afternoon, but it’s not a bullish looking chart by any measure right now.
While I’m sure we are going to have a decent multiday bounce at some point, I wouldn’t go long today.
Yeah, what a retracement to the last rally. 100% so far and counting. You know, these HFT patterns are really pissing me off. The rally into 7/7 – and subsequent failures – look very similar to the situation into and after 5/1. Now that I think of it, very similar to the rally into the end of February.
Damn HFTs. ES just bounced off 1283…yowsa!
Remember, this August 30th is a turn date (New Moon)… so we could have a multi-day bounce next week. But tomorrow needs to have an exhaustion move to the downside. So far, it went as expected… up too fast, and sold back down.
I have a feeling we get a fake bounce off the 200 DMA, then punch down right thru it sometime next week.
Bunch of prints slightly higher than close. Maybe Bad GDP, pass vote euphoria, open up and tank?
Agree Red, 200dma is coming up, maybe tomorrow and a BAD GDP number could start a mini crash..g.l.
Why do I say what… that the market will tank tomorrow if they don’t resolve the debt issue? That’s because the short term charts worked off most of their over sold conditions and can roll back down again for another leg. It doesn’t mean they will, only that they could easily sell off again.
The daily is pointing down, the 30 and 15 are pointing down… only the 60 is neutral and could go either way. Overall, I don’t see anything bullish for the morning session. Maybe it only drops in the morning and recovers in the afternoon, but it’s not a bullish looking chart by any measure right now.
While I’m sure we are going to have a decent multiday bounce at some point, I wouldn’t go long today.
Red,
Why do you say that? Overnight futures aren’t indicating anything yet.
http://rocsinvestmentaccount.webs.com/
Red,
Why do you say that? Overnight futures aren’t indicating anything yet.
http://rocsinvestmentaccount.webs.com/
SPX Analysis after closing bell: http://niftychartsandpatterns.blogspot.com/2011/07/s-500-analysis-after-closing-bell_29.html
EURUSD Bearish engulfing: http://niftychartsandpatterns.blogspot.com/2011/07/eurusd-trend-update.html