This sideways movement is putting in a bear flag. We could drop one more time to fill the lower gap before the day closes. Of course I still expect a positive day tomorrow and Wednesday.
That sure was a crazy open. They ran the market up 5-6 points in the premarket and cleared all the bear stops out. Then they gapped down in the regular session to clear all the bull stops. Now they are going back up for gap fill. Sheesh… crazy swing today.
I only say that based on the the 60 minute chart. It’s entirely possible that they hold the market in place all day while the 60 minute chart dips into negative territory on the histogram bars, and resets itself for Tuesday. Nothing surprises me anymore. The manipulation is so obvious that they don’t even try to hide it anymore.
As I said, I expect a pop higher in the morning, but a fade back down the rest of the day, with a negative close. But, it should be a buying opportunity for Tuesday and Wednesday, which I expect to be up days.
Guess I am going against the grain here. Ireland got it’s spoonful of medicine. Euro is pressuring the dollar AGAIN and we should see a nice rally on Monday (I hope I’m wrong).
Will be another great day for silver. Check out SLW & SLV
This sideways movement is putting in a bear flag. We could drop one more time to fill the lower gap before the day closes. Of course I still expect a positive day tomorrow and Wednesday.
SPY CHART
http://niftychartsandpatterns.blogspot.com/2010/11/spy-support-and-resistance-levels_22.html
That sure was a crazy open. They ran the market up 5-6 points in the premarket and cleared all the bear stops out. Then they gapped down in the regular session to clear all the bull stops. Now they are going back up for gap fill. Sheesh… crazy swing today.
ES Fibonacci levels
http://niftychartsandpatterns.blogspot.com/2010/11/s-500-futures-before-opening-bell_22.html
http://hotoptionbabe.com/blog/87-we-just-might-get-a-surprise-holiday-non-rally.html
I only say that based on the the 60 minute chart. It’s entirely possible that they hold the market in place all day while the 60 minute chart dips into negative territory on the histogram bars, and resets itself for Tuesday. Nothing surprises me anymore. The manipulation is so obvious that they don’t even try to hide it anymore.
We should be able to sustain the rally. I’m not expecting us to end the day in negative territory.
I’m not sure what reports come out tomorrow but they could definitely change that.
I am extremely bearish on the Financial Sector though. I’d love to see some of these big banks fail.
We will see how this plays out though…
As I said, I expect a pop higher in the morning, but a fade back down the rest of the day, with a negative close. But, it should be a buying opportunity for Tuesday and Wednesday, which I expect to be up days.
Guess I am going against the grain here. Ireland got it’s spoonful of medicine. Euro is pressuring the dollar AGAIN and we should see a nice rally on Monday (I hope I’m wrong).
Will be another great day for silver. Check out SLW & SLV
So far Z, we are looking like we are going to gap up in the morning as I speculated. Let’s see if it fads too…