Sorry gang, I didn’t have time to do an update yesterday. We did of course break the trendline and have now formed a channel. We now have two possible outcomes.
1. We chop around most of the day allowing the short term charts to get oversold on the MACD’s and Histogram Bars. Then rally back up late today or tomorrow. The rally should go up to our FP on SPY (about 1388 spx), and I suspect it will be hit by the end of the week.
2. Or, we chop around most of the day putting in a doji candle. Then tomorrow we would do the same thing, but then allowing the oversold short term charts to get overbought again. That would set up Thursday and Friday for another leg down, possibly to the 1340 area. Then a rebound into next week toward the 1388 spx level.
Personally I think this up move is too strong to sell off to the 1340 right now. I think number 1 will play out and a bottom will be put in today. There just doesn’t seem to be much news out to cause a larger move down. I suspect that the selling pressure will dry up by noon and allow the market to float higher into the close. Don’t get me wrong, a big move down is coming, but I just don’t think this is it yet.
I don’t know if you figured it out yet but the Simpsons date… Bin Laden killed on 5/1/11 add 5 and 1 and you got 6 and 11.. The hands on the Simpsons clock.. They were telling us Bin Laden’s kill date..
The ES is still holding a double bottom, but if it breaks we could go deeper. The market is looking weak, but getting oversold short term.
Sorry gang, I didn’t have time to do an update yesterday. We did of course break the trendline and have now formed a channel. We now have two possible outcomes.
1. We chop around most of the day allowing the short term charts to get oversold on the MACD’s and Histogram Bars. Then rally back up late today or tomorrow. The rally should go up to our FP on SPY (about 1388 spx), and I suspect it will be hit by the end of the week.
2. Or, we chop around most of the day putting in a doji candle. Then tomorrow we would do the same thing, but then allowing the oversold short term charts to get overbought again. That would set up Thursday and Friday for another leg down, possibly to the 1340 area. Then a rebound into next week toward the 1388 spx level.
Personally I think this up move is too strong to sell off to the 1340 right now. I think number 1 will play out and a bottom will be put in today. There just doesn’t seem to be much news out to cause a larger move down. I suspect that the selling pressure will dry up by noon and allow the market to float higher into the close. Don’t get me wrong, a big move down is coming, but I just don’t think this is it yet.
SLV Chart: http://niftychartsandpatterns.blogspot.com/2011/05/slv-tests-20-day-moving-average.html
ES Hour chart: http://niftychartsandpatterns.blogspot.com/2011/05/s-500-futures-before-opening-bell_03.html
It was actually already 02/05/2011 in Pakistan when he was shot.
2+5+2/11
9/11
I can see it now.
Mr. President, we can execute operation Geronimo on Mmmmmm (?)
Jan 5, Feb 4, Mar 3, April 2, or May 1st – pick one.
jajajajaja
I like the Hitler death one better, but a search shows April 30th, not May 1st.
close enough?
I don’t know if you figured it out yet but the Simpsons date… Bin Laden killed on 5/1/11 add 5 and 1 and you got 6 and 11.. The hands on the Simpsons clock.. They were telling us Bin Laden’s kill date..
if i do an ABCD at 77.41 on IWM i get 89.9 as a potential MAY high.
http://i.imgur.com/IDsF2.gif
hey Red, it’s on of those moving pictures, you have to click on it, it HIlarious
imo,IWM tuesday range 85.2-85.9, range worked on DIA from fri, DIA showed a 12,850 to minus 50 for monday, my overnight charts working, for now.