Actually, that level of resistance from the downward sloping trendline is about 131.50 spy right now. Bears need to make a stand there and push the bulls back down out of the triangle. However, the bottoming tail that just formed is very bullish.
The bulls recaptured the busted triangle. Now the 131.30-131.35 spy area must hold them in the triangle. If not, and a breakout happens, the selling is over for several days I believe, and a wave 2 up will begin (probably into next Tuesday).
No, I don’t think “long squeezes” exist. But whatever they call it (trapped bulls I guess?), I love to see another wave down today. We’ll see… it depends on how strong the rebound is here.
are you doubting the tea leaves!!!! LOL…… yee of little TEA faith!!! i think a bottom tail would be just what the BTFD doctor ordered. this will help the sell off tommorrow because of a ‘LONG’ squeeze ~ do long squeezes exist??
Possible Richie? I really do want to see the market go beyond the 1310 level as that would give the bulls a nice bottoming tail, and a chance to rally tomorrow. But, the 1302 low is support, so it’ possible that the selling is over. I really don’t think so at the moment, but possible.
i am putting on my fortune teller hat today and will read the tea leaves of the spx. we will bounce up from 1302 area for the rest of the day in a very shallow 32% retracement (maybe abc ) for a II wave. we will end the day closing at the 1314 area ~ sell off to intensify tommorrow///???
http://content.screencast.com/users/Annamall2/folders/Jing/media/7469d254-20d4-465e-a075-5b85a605d733/00000341.png
pinning @ 131 Spy would pay out the least calls and puts holders see graph
Actually, that level of resistance from the downward sloping trendline is about 131.50 spy right now. Bears need to make a stand there and push the bulls back down out of the triangle. However, the bottoming tail that just formed is very bullish.
The bulls recaptured the busted triangle. Now the 131.30-131.35 spy area must hold them in the triangle. If not, and a breakout happens, the selling is over for several days I believe, and a wave 2 up will begin (probably into next Tuesday).
No, I don’t think “long squeezes” exist. But whatever they call it (trapped bulls I guess?), I love to see another wave down today. We’ll see… it depends on how strong the rebound is here.
Yes GG… she’s not a wife or anything like that! You dirty mind you little rat! LOL
“GASP” R-E-D!!!!
are you doubting the tea leaves!!!! LOL…… yee of little TEA faith!!! i think a bottom tail would be just what the BTFD doctor ordered. this will help the sell off tommorrow because of a ‘LONG’ squeeze ~ do long squeezes exist??
chatting?
(GG giggles)
Sorry BK, I was drinking some coffee and chatting with the female in the house. 😉
Possible Richie? I really do want to see the market go beyond the 1310 level as that would give the bulls a nice bottoming tail, and a chance to rally tomorrow. But, the 1302 low is support, so it’ possible that the selling is over. I really don’t think so at the moment, but possible.
red,
i am putting on my fortune teller hat today and will read the tea leaves of the spx. we will bounce up from 1302 area for the rest of the day in a very shallow 32% retracement (maybe abc ) for a II wave. we will end the day closing at the 1314 area ~ sell off to intensify tommorrow///???
what say yeee???