LOL… yeah, this rally is tough on you I’m sure. We are so used too seeing a bear squeeze happen that today’s action seems unreal. I really expected more of a rally today.
The market is being held back at the bottom trendline from the falling channel that it’s now outside of. It looks like a bull flag on the shorter time frames (10 minute), which should push the market back up into the channel.
If it fails to get back in that channel by the close, I expect it to drop hard tomorrow in another leg down. On the 60 minute time frame, the pattern is a bear flag. I don’t know which one will play out, but generally the larger time frame rules over the smaller one.
Still a very weak tape today. I thought I’d see more of a bounce? At this rate, the 60, 30, 15, and 5 minute charts will all be overbought by the end of the day. That doesn’t look good for tomorrow… at least not for the bulls.
SPY chart updated
http://niftychartsandpatterns.blogspot.com/2010/11/spy-support-and-resistance-levels_17.html
LOL… yeah, this rally is tough on you I’m sure. We are so used too seeing a bear squeeze happen that today’s action seems unreal. I really expected more of a rally today.
The market is being held back at the bottom trendline from the falling channel that it’s now outside of. It looks like a bull flag on the shorter time frames (10 minute), which should push the market back up into the channel.
If it fails to get back in that channel by the close, I expect it to drop hard tomorrow in another leg down. On the 60 minute time frame, the pattern is a bear flag. I don’t know which one will play out, but generally the larger time frame rules over the smaller one.
I’m not sure my shorts can handle this 0.11 cents rally…
Duly noted and will trade accordingly
Still a very weak tape today. I thought I’d see more of a bounce? At this rate, the 60, 30, 15, and 5 minute charts will all be overbought by the end of the day. That doesn’t look good for tomorrow… at least not for the bulls.
Apple near support area
http://niftychartsandpatterns.blogspot.com/2010/11/apple-near-support-area.html
Apple near support area
http://niftychartsandpatterns.blogspot.com/2010/11/apple-near-support-area.html
Thanks anoopsan my personal preference is that it shoots down but today is still in a wait and see mode.
SPY support and resistance levels
http://niftychartsandpatterns.blogspot.com/2010/11/spy-support-and-resistance-levels_17.html