New intraday FP of 131.03 just now. That’s above the falling trendline on the triangle that the market is in right now. While that probably isn’t a target level, it could be a direction indicator?
We are forming a triangle right now, which could break up or down? If the double bottom holds for now, then the market can go back up and test the falling trendline of resistance and back down to the horizontal support line (at the double bottom) several more times before coming to the apex of this triangle.
From the looks of how weak this tape is, the chances of a crash tomorrow are increasing each hour. It looks like it’s going to take all day to rally up to back test the broken trendline around 1320 or so. This is very bearish right now…
Maybe I published the new post without putting a check mark in the box that allows comments? I have done that before in the past. However, I don’t think I did it this time?
I do know that his new theme doesn’t let you access the comments from clicking on the “comments” link on the home page. I don’t know why it does that, but it does? However, as soon as you click on the title to the new post you will get access to the comments. Strange?
New intraday FP of 131.03 just now. That’s above the falling trendline on the triangle that the market is in right now. While that probably isn’t a target level, it could be a direction indicator?
We are forming a triangle right now, which could break up or down? If the double bottom holds for now, then the market can go back up and test the falling trendline of resistance and back down to the horizontal support line (at the double bottom) several more times before coming to the apex of this triangle.
let us see where we go from here – if we continue down, or we bounce???
It’s no longer valid right now as the market went lower and hit a double bottom.
red,
inverted h&s?? i dunno – if i squint maybe….LOL
I’m seeing a downward sloping inverted head and shoulder pattern on the 5 minute chart. Thoughts anyone?
SPY Chart: http://niftychartsandpatterns.blogspot.com/2011/02/spy-intraday-update_24.html
From the looks of how weak this tape is, the chances of a crash tomorrow are increasing each hour. It looks like it’s going to take all day to rally up to back test the broken trendline around 1320 or so. This is very bearish right now…
Maybe I published the new post without putting a check mark in the box that allows comments? I have done that before in the past. However, I don’t think I did it this time?
I do know that his new theme doesn’t let you access the comments from clicking on the “comments” link on the home page. I don’t know why it does that, but it does? However, as soon as you click on the title to the new post you will get access to the comments. Strange?
well, not ‘down’.
but comments locked. yeah!