Gang, if I had to guess… I’d say the market will trade in this tight range until the end of day. That would put it at the apex of the triangle it’s forming (maybe AnoopSan can post a chart of it?).
I just don’t think it’s going to break down today, but it could break up during the last hour before the close. However, with it being opx day, they will likely pin it close to where we currently are.
And, since the 60 minute is still oversold and working its’ way back up, I’d say we have the breakout on Monday. The usual bullish Monday looks to still be in play for now.
But at some point, the rising trendline of support will break, and next week could be the perfect time for it too happen… especially if some major companies disappoint on earnings. It’s too early to know right now, but I’m leaning toward a breakdown sometime next week, and not today.
By next week, those histogram bars should start to inch their way into positive territory, which could be about the same time it makes a double bottom at 74.23 or so.
They are stretching this out as long as they can, but it’s highly unlikely that the dollar will break though that level. Odds are that there will be a big reversal at the double bottom.
The 60 minute chart is still oversold, but pushing its’ way back up now. It could take all day for it too peak? The 5 and 15 and overbought, so they are push down on the market.
This tug of war between the charts is whats’ causing these wild swings. That… plus it’s opx day and the gangsters are making their stop sweeps before the closing print.
As long as that trendline of support isn’t taken out with volume, I’d say we’ll close about flat by the end of the day. If it breaks, then we should see heavy selling into the close.
S&P 500 Hour chart analysis: CLICK HERE
Gang, if I had to guess… I’d say the market will trade in this tight range until the end of day. That would put it at the apex of the triangle it’s forming (maybe AnoopSan can post a chart of it?).
I just don’t think it’s going to break down today, but it could break up during the last hour before the close. However, with it being opx day, they will likely pin it close to where we currently are.
And, since the 60 minute is still oversold and working its’ way back up, I’d say we have the breakout on Monday. The usual bullish Monday looks to still be in play for now.
But at some point, the rising trendline of support will break, and next week could be the perfect time for it too happen… especially if some major companies disappoint on earnings. It’s too early to know right now, but I’m leaning toward a breakdown sometime next week, and not today.
Oh you can bet that the dollar will be part of the reason the market crashes. Just look at the chart…
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1926808&cmd=show%5Bs184511647%5D&disp=P
By next week, those histogram bars should start to inch their way into positive territory, which could be about the same time it makes a double bottom at 74.23 or so.
They are stretching this out as long as they can, but it’s highly unlikely that the dollar will break though that level. Odds are that there will be a big reversal at the double bottom.
Hopefully, it’s a major dollar reversal. It’s been a pipe dream so far, but who knows..? Have to wait until 4pm to see if it’s just another head fake.
Today is a daytraders dream!
The 60 minute chart is still oversold, but pushing its’ way back up now. It could take all day for it too peak? The 5 and 15 and overbought, so they are push down on the market.
This tug of war between the charts is whats’ causing these wild swings. That… plus it’s opx day and the gangsters are making their stop sweeps before the closing print.
As long as that trendline of support isn’t taken out with volume, I’d say we’ll close about flat by the end of the day. If it breaks, then we should see heavy selling into the close.
That “someone” must know that a crash will happen before June of next year. Personally, I see it happening within the next month, but time will tell.
Dow Jones Futures support and resistance levels: CLICK HERE
Here’s the funny thing – I had orders in for SH and DOG that never triggered yesterday – LOL!
S&P 500 Near channel bottom: http://niftychartsandpatterns.blogspot.com/2010/10/s-500-in-channel.html