No video tonight gang… sorry. However, the breakdown has started. Now if we could get one more rally back up to the downward sloping trendline in this triangle, I think the next move down will blow through support levels like a hot knife cutting butter.
While we could just go straight down from here, I think we’ll see that last rally attempt tomorrow. Call it a gut feeling (based on looking closely at the charts). The upside limit is around 1352 spx. Anything higher and the bulls are back in charge. But as long as the rally up stays below it, the bears still have the ball.
Yeah, this sell off today wasn’t market wide… which has me worried that they might pull a fast one and squeeze some bears. Volume wasn’t very much either.
Dow Jones Analysis: http://niftychartsandpatterns.blogspot.com/2011/05/dow-jones-analysis-after-closing-bell.htmlhttp://niftychartsandpatterns.blogspot.com/2011/05/dow-jones-analysis-after-closing-bell.html
I agree… Longer term, it seems as the fall in oil is happening at just the right time with QE2 ending. The consumer should have a little more income to spend and maybe that scenerio makes for a soft landing end to QE2. Boy, that would catch a lot of bears off guard. That is the name of the stock market casino game…
Yeah, the support technically still held… with only a slight pierce of it. That could be a head fake to trap some bears? We need a bounce badly to squeeze out some bears and trap some bulls. But when? I think tomorrow and Wednesday is likely.
What about a cold knife cutting through hot butter?
No video tonight gang… sorry. However, the breakdown has started. Now if we could get one more rally back up to the downward sloping trendline in this triangle, I think the next move down will blow through support levels like a hot knife cutting butter.
While we could just go straight down from here, I think we’ll see that last rally attempt tomorrow. Call it a gut feeling (based on looking closely at the charts). The upside limit is around 1352 spx. Anything higher and the bulls are back in charge. But as long as the rally up stays below it, the bears still have the ball.
What levels do you have in mind for the downside target Robert?
Yeah, this sell off today wasn’t market wide… which has me worried that they might pull a fast one and squeeze some bears. Volume wasn’t very much either.
Colgate, JnJ, Hershey, PG – defensive stocks doing good.
(bad sign)
Lets see if we can get some real downside tomorrow…..:)
Dow Jones Analysis: http://niftychartsandpatterns.blogspot.com/2011/05/dow-jones-analysis-after-closing-bell.htmlhttp://niftychartsandpatterns.blogspot.com/2011/05/dow-jones-analysis-after-closing-bell.html
i’m thinking CSCO goes to 16.10…
http://zstock7.com/wp-content/uploads/2011/05/CSCO-5-16AA.jpg
I agree… Longer term, it seems as the fall in oil is happening at just the right time with QE2 ending. The consumer should have a little more income to spend and maybe that scenerio makes for a soft landing end to QE2. Boy, that would catch a lot of bears off guard. That is the name of the stock market casino game…
Yeah, the support technically still held… with only a slight pierce of it. That could be a head fake to trap some bears? We need a bounce badly to squeeze out some bears and trap some bulls. But when? I think tomorrow and Wednesday is likely.