I was really expecting a little better of rally then this. It seems weak, as not all sectors are rallying. The metals and the banks still look weak. I think this rally doesn’t have any legs and will fail.
It is also burning off the oversold conditions on the short term charts, and the most I could see is a quick pop in the morning. After that, the charts should roll over again. It could happen today, but I expect it to happen tomorrow.
Dow Jones near previous resistance: http://niftychartsandpatterns.blogspot.com/2011/05/dow-jones-previous-resistance-may.htmlhttp://niftychartsandpatterns.blogspot.com/2011/05/dow-jones-previous-resistance-may.html
Yes Kevin, I agree. It looks likely that we’ll rally for a couple of days, probably starting tomorrow. It is opx week after all, and you know they want these new put buyers to lose there money.
I also think Silver will move up with this rally, as it’s resting on long time support from a year ago. It hasn’t broken it yet, and I don’t think it will. I think a strong bounce on it is coming first. Then if the overall market rolls back down and doesn’t make a run for the SPY FP, then Silver will likely roll over too, and go test that 29 area I believe.
Bernake relief rally tomorrow and rest of the week… With the 60 minute and daily SPX in oversold territory (Stochs), it makes sense to me + Obama isn’t gonna let this market fall. Not before re-election time, then he doesn’t care and it will be armageddon. He’ll work on “sharing more of the wealth” from the people who worked hard and have something to those who he thinks should have it…
Swat down from the blue line on EUR/USD? Just not sure, hard to
predict more downside after a near vertical 6% down already occurred.
Cable, the “old” PRS seems to have come back into play, just like Euro,
Cable seems pretty beaten down, hard to predict more down, I just don’t
see any clarity here.
Fear Factor, nothing astounding here, just more of the Tight Snout. But odd that Fear as measured by the FF, went down as the SPX whipsawed up and down but mainly down. http://oahutrading.blogspot.com/
Absolutely.
it’s the only way left to make money.
how many managers were forced to play safe, and insure for a move below 1330? and have to cover tomorrow.
I was really expecting a little better of rally then this. It seems weak, as not all sectors are rallying. The metals and the banks still look weak. I think this rally doesn’t have any legs and will fail.
It is also burning off the oversold conditions on the short term charts, and the most I could see is a quick pop in the morning. After that, the charts should roll over again. It could happen today, but I expect it to happen tomorrow.
The links are working now. Thanks JDdeBoer
Dow Jones near previous resistance: http://niftychartsandpatterns.blogspot.com/2011/05/dow-jones-previous-resistance-may.htmlhttp://niftychartsandpatterns.blogspot.com/2011/05/dow-jones-previous-resistance-may.html
Yes Kevin, I agree. It looks likely that we’ll rally for a couple of days, probably starting tomorrow. It is opx week after all, and you know they want these new put buyers to lose there money.
I also think Silver will move up with this rally, as it’s resting on long time support from a year ago. It hasn’t broken it yet, and I don’t think it will. I think a strong bounce on it is coming first. Then if the overall market rolls back down and doesn’t make a run for the SPY FP, then Silver will likely roll over too, and go test that 29 area I believe.
Bernake relief rally tomorrow and rest of the week… With the 60 minute and daily SPX in oversold territory (Stochs), it makes sense to me + Obama isn’t gonna let this market fall. Not before re-election time, then he doesn’t care and it will be armageddon. He’ll work on “sharing more of the wealth” from the people who worked hard and have something to those who he thinks should have it…
SAN: Chart not found
GOLD Testing its trend line:http://niftychartsandpatterns.blogspot.com/2011/05/gold-testing-trend-line.htmlhttp://niftychartsandpatterns.blogspot.com/2011/05/gold-testing-trend-line.html
Swat down from the blue line on EUR/USD? Just not sure, hard to
predict more downside after a near vertical 6% down already occurred.
Cable, the “old” PRS seems to have come back into play, just like Euro,
Cable seems pretty beaten down, hard to predict more down, I just don’t
see any clarity here.
Fear Factor, nothing astounding here, just more of the Tight Snout. But odd that Fear as measured by the FF, went down as the SPX whipsawed up and down but mainly down.
http://oahutrading.blogspot.com/
Absolutely.
it’s the only way left to make money.
how many managers were forced to play safe, and insure for a move below 1330? and have to cover tomorrow.
watch the ES.
I find the patterns over a 24hr period, work mucho better than SPX.
http://oi51.tinypic.com/wall53.jpg
we hit some kind of temp bottom (early) tonight.
essentially starting May 10th, hell has broken loose between the fan lines.
wider and wider, descending.