heheheh todays market is a wild ride well i dont know anymore if i really had to call anything i will end up saying that i will sit on my hands and ride this one out.There is absolutely no sanity and logic right now.If i cant be sure where its going i rather sit it out if not i wont be alive long enough to see any money.
Ok, everyone should know the game by now. The market will likely gap up out of this range it’s in tomorrow morning. While it could breakout into the close, most of the time the resistance is still too great during normal market hours.
That’s why they push it up in the pre-market, as the resistance isn’t as strong during that time period. Once it opens, shorts will be forced to cover and up, up and away we go… until we hit the next wall of resistance of course.
Which happens too be around the double top area of 1215 spx. Of course they could just gap it above that level too? I never thought about that?
Wow! What if they gap it open just above that level? With all the overhead stops just above the 1195 level, and probably twice as many just above 1215, they would certainly have the fuel to rally up to the 1260-1280 area (the spx level that matches up with our DIA 118.16 FP, which is about 11,800 Dow).
Now, this is ONLY possible if we gap above that 1215 area and create a massive short squeeze. If we don’t gap over it, we’ll be banging on it for weeks, and likely fail to get above it.
But a surprise gap over it tomorrow would fool a lot of shorts and force them to cover quickly. This could be the plan before us? It would certainly fool everyone, as I don’t think too many people are still considering that FP as a target.
That means we would likely rally on Friday and Monday too. The daily chart has turned back up now, so this is possible… even though it seems unlikely.
I’m just thinking out loud here, so don’t hold me too any of it. If all the short term charts get really overbought tomorrow, and the daily too… and we don’t gap above that 1215 area, then throw this thought out the window.
wow wow wow what can i say took a risk to open a couple or longs when it dipped and that paid off quite well.I stated that it was bugging me when everywhere on the news was screaming sell sell sell.Only question left on my mind is how far they feel like taking it before letting her go down. 600 Bn is just proof of how far MR Ben is willing to go nothing other then a nuke seems to be able to stop him and his madness and i wont be surprised if 600 B isnt enough and he starts giving out 1 T instead.Dam those last few mins shorten my life by at least 5 years whew.
Short term charts are all oversold now. They just tested the rising trendline line during that stop sweep/bear trap move, now I suspect we’ll go up into tomorrow to allow the charts to become overbought. After that… who knows?
But, I still think we go down hard next week. Maybe up to the double area around 1215 this week, but I think it’s over after that.
heheheh todays market is a wild ride well i dont know anymore if i really had to call anything i will end up saying that i will sit on my hands and ride this one out.There is absolutely no sanity and logic right now.If i cant be sure where its going i rather sit it out if not i wont be alive long enough to see any money.
Well, it’s already pushed through the 1195 area before I finished typing… go figure. LOL
Ok, everyone should know the game by now. The market will likely gap up out of this range it’s in tomorrow morning. While it could breakout into the close, most of the time the resistance is still too great during normal market hours.
That’s why they push it up in the pre-market, as the resistance isn’t as strong during that time period. Once it opens, shorts will be forced to cover and up, up and away we go… until we hit the next wall of resistance of course.
Which happens too be around the double top area of 1215 spx. Of course they could just gap it above that level too? I never thought about that?
Wow! What if they gap it open just above that level? With all the overhead stops just above the 1195 level, and probably twice as many just above 1215, they would certainly have the fuel to rally up to the 1260-1280 area (the spx level that matches up with our DIA 118.16 FP, which is about 11,800 Dow).
Now, this is ONLY possible if we gap above that 1215 area and create a massive short squeeze. If we don’t gap over it, we’ll be banging on it for weeks, and likely fail to get above it.
But a surprise gap over it tomorrow would fool a lot of shorts and force them to cover quickly. This could be the plan before us? It would certainly fool everyone, as I don’t think too many people are still considering that FP as a target.
That means we would likely rally on Friday and Monday too. The daily chart has turned back up now, so this is possible… even though it seems unlikely.
I’m just thinking out loud here, so don’t hold me too any of it. If all the short term charts get really overbought tomorrow, and the daily too… and we don’t gap above that 1215 area, then throw this thought out the window.
wow wow wow what can i say took a risk to open a couple or longs when it dipped and that paid off quite well.I stated that it was bugging me when everywhere on the news was screaming sell sell sell.Only question left on my mind is how far they feel like taking it before letting her go down. 600 Bn is just proof of how far MR Ben is willing to go nothing other then a nuke seems to be able to stop him and his madness and i wont be surprised if 600 B isnt enough and he starts giving out 1 T instead.Dam those last few mins shorten my life by at least 5 years whew.
Red,
Agree good read, I see 1205-1210 top into friday. All bears are afraid of bullish Mondays.
SPX support and resistance levels
http://niftychartsandpatterns.blogspot.com/2010/11/s-500-support-and-resistance-levels.html
Short term charts are all oversold now. They just tested the rising trendline line during that stop sweep/bear trap move, now I suspect we’ll go up into tomorrow to allow the charts to become overbought. After that… who knows?
But, I still think we go down hard next week. Maybe up to the double area around 1215 this week, but I think it’s over after that.
Of course it isn’t enough, but we’ll likely still see it rally into the end of today and probably some tomorrow too.
This is a low number, is it enough to revive economy, I doubt so.
600 Billion!