The market is trying to work off the overbought conditions while still staying above the falling channel and resistance zone that it gapped up out of this morning. So far it’s holding support, which could mean that they will rally up hard sometime tomorrow after the 60 minute chart resets back up.
Of course if the support zone (currently around 1335 spx) fails, then a hard move down to probably retest the 1311 bottom should be expected. So far I don’t see that happening. The volume is too light, and this is a holiday shortened week. Not being a bull here, but I think they have control again.
Thanks for the update… and yeah, this week could be volatile. Overall this week should close positive, but that doesn’t mean that it will go straight up. Thursdays are commonly bearish as of recently, so let’s see if we rollover again?
Just letting you know that in fact June 1st is quite important there’s a partial solar eclipse occurring in Gemini which is quite important as it also coincides with a New Moon which will culminate with a Lunar eclipse on the 15th June. I think US time it should happen sometime late Wednesday afternoon. The date is also significant numerologically 1+6+2+11 = 9/11. Looking at the movement so far today I think this week could be pretty volatile plus NFP on Friday of course.
I control your brain.
The market is trying to work off the overbought conditions while still staying above the falling channel and resistance zone that it gapped up out of this morning. So far it’s holding support, which could mean that they will rally up hard sometime tomorrow after the 60 minute chart resets back up.
Of course if the support zone (currently around 1335 spx) fails, then a hard move down to probably retest the 1311 bottom should be expected. So far I don’t see that happening. The volume is too light, and this is a holiday shortened week. Not being a bull here, but I think they have control again.
Yeah,… Euro crisis collapse on Monday, that happened. :/
You haven’t said whether or not you think a new high is coming, or if the top is in? What say you?
Thanks for the update… and yeah, this week could be volatile. Overall this week should close positive, but that doesn’t mean that it will go straight up. Thursdays are commonly bearish as of recently, so let’s see if we rollover again?
ES Hits channel resistance: http://niftychartsandpatterns.blogspot.com/2011/05/es-hour-hits-channel-resistance.html
Hi Red,
Just letting you know that in fact June 1st is quite important there’s a partial solar eclipse occurring in Gemini which is quite important as it also coincides with a New Moon which will culminate with a Lunar eclipse on the 15th June. I think US time it should happen sometime late Wednesday afternoon. The date is also significant numerologically 1+6+2+11 = 9/11. Looking at the movement so far today I think this week could be pretty volatile plus NFP on Friday of course.
Nice…..Window dressing in full bloom with 1st of the month jumper coming up……:)
ES Hour chart: http://niftychartsandpatterns.blogspot.com/2011/05/es-hour-chart-analysis_30.html
New post…
http://reddragonleo.com/2011/05/29/lookout-for-june-the-11th-another-false-flag-could-be-coming/#disqus_thread