Yeah… it’s a very sleepy day today. Volume is light, and not much news out that the market doesn’t already know and have factored in. I think they will pop over this downward sloping trendline of resistance tomorrow morning, and then up to test the next level.
Hard to tell, PPT to the rescue today. I think oil is still key. The dollar isn’t having any effect, as you mentioned.
There was already a day of rage in Egypt during that crisis and I don’t think that had any effect on that particular day. I still think the bias will be up. Again, they still have the power to take it up, so it’s just headline risk that might push this market down. I think oil may have a correction soon, which, of course, would push ES up past the recent top. That is, unless something big happens soon.
As I pointed out in this post, rarely does anything push straight through a double or triple top without a pull back first. Oil is pulling back now and might do so until later in the week. Of course I think it’s just going to be a great buying opportunity for next week.
The bulls cut through that 1322 spx resistance level like butter! Let’s see if they can put in a double top or not? That would be good for the bears as the market rarely has a big sell off on a single top.
A double topping area is too be expected before a huge wave of selling. I think they might actually get it this week… maybe even hit that 135.14 spy print for a slight pierce. Just be ready to short gang, as this coming weekend could have some unknown “event” happen, and next Monday could be Bloody Bulls Monday. LOL
Red, finished just below the SPX 1322 level – maybe we don’t break thru here???
Yeah… it’s a very sleepy day today. Volume is light, and not much news out that the market doesn’t already know and have factored in. I think they will pop over this downward sloping trendline of resistance tomorrow morning, and then up to test the next level.
Hard to tell, PPT to the rescue today. I think oil is still key. The dollar isn’t having any effect, as you mentioned.
There was already a day of rage in Egypt during that crisis and I don’t think that had any effect on that particular day. I still think the bias will be up. Again, they still have the power to take it up, so it’s just headline risk that might push this market down. I think oil may have a correction soon, which, of course, would push ES up past the recent top. That is, unless something big happens soon.
I heard that the “Day of Rage” has been canceled, as they didn’t have enough people to show up. It was in a twit on Mr. TopStep’s twitter account.
Sounds like the gangsters planned to pull a fast one on use sheep again. Now what do you bet they pull another fast one and still do it?
We’re at a crossroad here I believe. I’m not sure what the next move will be… up or down?
Oil is trying to break out of today’s range. If it does, we’ll see your pullback in ES.
Triangle of Crude oil: http://niftychartsandpatterns.blogspot.com/2011/03/triangle-of-crude-oil.html
As I pointed out in this post, rarely does anything push straight through a double or triple top without a pull back first. Oil is pulling back now and might do so until later in the week. Of course I think it’s just going to be a great buying opportunity for next week.
The bulls cut through that 1322 spx resistance level like butter! Let’s see if they can put in a double top or not? That would be good for the bears as the market rarely has a big sell off on a single top.
A double topping area is too be expected before a huge wave of selling. I think they might actually get it this week… maybe even hit that 135.14 spy print for a slight pierce. Just be ready to short gang, as this coming weekend could have some unknown “event” happen, and next Monday could be Bloody Bulls Monday. LOL
sector rotation (rebalancing)
glad I didn’t buy into the oil to the moon pablum for the public/TeeVee.