Yeah, they are trying to hold it in place until the close it seems. It’s making a bull flag, so it could breakout to the upside? Hard too says, as it’s so weak that a failure here would really be bad for the bulls.
Yup – really weird day. Looks like the only ones buying are the ones with the POMO money. It appears to be a juggling act between pumping equities and pumping the Euro, trying to break upward.
Market could break either way now, as it still has light volume which favors the upside, but the charts are overbought. It’s a tough call, as they don’t have the juice to fight the charts turning down, but no one is left to sell either.
It’s also in a triangle (5 minute chart) and looks to be a the apex now. I think it’s going to break to the upside, as we still are in the POMO zone… plus we have light volume as traders leave for the weekend, which usually favors the upside.
Yeah, they are trying to hold it in place until the close it seems. It’s making a bull flag, so it could breakout to the upside? Hard too says, as it’s so weak that a failure here would really be bad for the bulls.
Yup – really weird day. Looks like the only ones buying are the ones with the POMO money. It appears to be a juggling act between pumping equities and pumping the Euro, trying to break upward.
Thanks Jim… I’m watching it now.
Mr. Topsteps says… If the market closes with an inside day, “Watch Out on Monday”
http://mrtopstep.com/2010/10/22/thin-market-with-range-trading/
Market could break either way now, as it still has light volume which favors the upside, but the charts are overbought. It’s a tough call, as they don’t have the juice to fight the charts turning down, but no one is left to sell either.
Gotta watch:
Go to Chrsi at 1:07:40
http://www.ritholtz.com/blog/2010/10/chris-whalen/
Diamond of S&P 500 : CLICK HERE
The charts are all looking toppy now, and might tired. I think she’s going to roll over soon. The upside breakout failed, and the money is about gone.
It’s also in a triangle (5 minute chart) and looks to be a the apex now. I think it’s going to break to the upside, as we still are in the POMO zone… plus we have light volume as traders leave for the weekend, which usually favors the upside.
S&P 500 inside the range : CLICK HERE