Red

Volume is still extremely low here… I’m not doing anything at this time. I need to see it break one way or the other.

small POMO day.
no surprise.

Apple Testing the cloud: http://niftychartsandpatterns.blogspot.com/2011/04/apple-testing-cloud.html

BK,

I’m thinking about taking a short at the close today, as Thursday’s seem to be “the day” that the market sells off on. I’d like to see a rally the rest of the day to get the short term charts overbought, but not take out the 1337 area.

Then I think it’s possible that we will gap down today instead of gap up… fooling the bulls that see today as a “breakout”. It needs confirmed to be valid, and the selling today didn’t help the bulls case out any!

everyone still on sidelines ? red is volume still on the light side ?

everyone still on sidelines ? red is volume still on the light side ?

This is a nice little sell off, but the vix doesn’t seem to be as excited… bummer.

If the bulls can hold on to the gains today and close above the multi-top area around 1332, they will likely take out the next level of resistance at 1344. We could be on our way up to the FP of 138.86 spy before a pullback?

Hard too say of course, as I’m still expecting a right shoulder to form, but continuing straight up would fool the most people I believe. Just food for thought…

ES Chart: http://niftychartsandpatterns.blogspot.com/2011/04/es-moving-up-in-channel.html

Here comes the breakout we’ve been looking for! Let’s see if it takes out the double top at 1344 or not?