Yeah… they are. But this time the charts are playing out exactly as I expected. We had a 5-6 point rally before the open to squeeze out the bears. Then we gapped down (although I thought we would gap up in the regular session too, not just the premarket), and after a gap fill, we continued down to allow the 60 minute chart to go negative and reset itself for another push higher.
That’s pretty close to what I thought would happen in this weekend update post. Of course I did say that I expected a gap up first, which didn’t happen. But it did happen in the premarket, so that’s close enough to still playing out.
Now I’m still expecting a move higher the rest of the week, and a peak being put in on Friday, or possibly Wednesday.
that is short term, if I look at the long term, it doesn’t seem that we will have any santa claus rally after all, it looks really bearish and I am curious if we do break the overhead resistance… my gut tells me we will not, but too scare to trade on that…
I think that will be a wave 2 up (or B wave), with another leg down to follow the rest of the week. That should allow the market to rise as the dollar falls back lower to another support level.
Yeah… they are. But this time the charts are playing out exactly as I expected. We had a 5-6 point rally before the open to squeeze out the bears. Then we gapped down (although I thought we would gap up in the regular session too, not just the premarket), and after a gap fill, we continued down to allow the 60 minute chart to go negative and reset itself for another push higher.
That’s pretty close to what I thought would happen in this weekend update post. Of course I did say that I expected a gap up first, which didn’t happen. But it did happen in the premarket, so that’s close enough to still playing out.
Now I’m still expecting a move higher the rest of the week, and a peak being put in on Friday, or possibly Wednesday.
I am officially on the sideline now but with very ichy fingers LOL
that is short term, if I look at the long term, it doesn’t seem that we will have any santa claus rally after all, it looks really bearish and I am curious if we do break the overhead resistance… my gut tells me we will not, but too scare to trade on that…
gangsta 🙂
Yes, the 60, 30, and 15 minute charts are all reset now and heading back up. We should breakout of the overhead resistance by tomorrow I believe.
wow, is going there sooner than I thought..
today SPY is forming an inverted H&S, so it may go close to 120 by close.
I think that will be a wave 2 up (or B wave), with another leg down to follow the rest of the week. That should allow the market to rise as the dollar falls back lower to another support level.
US Dollar index
http://niftychartsandpatterns.blogspot.com/2010/11/us-dollar-looking-positive.html
SP500 ->close gap ??