Gang, it’s now 11am and the market is likely to go into sleep mode from here on out. Light volume could take over and allow it to move back up the rest of the day. While I still see a big move down coming, I want to see the 60 minute chart get overbought, and right now it’s just below the zero level and trying to go positive.
Until it does, I just don’t see any selling sticking. We had a premarket print of 113.96 on the SPY, and that’s likely to be the bottom for today. I base on the the fact that the 15, 10, and 5 minute charts are oversold now (yeah… I know, that’s hard to believe).
Anyway, I’m looking for a move back up into the close today. Hopefully by then, the 60 and 30 minute charts will get overbought, giving us the best place to get short.
This is mainly for you short term swing traders, as you intermediate term traders could short anywhere in the last week and probably still be fine. That’s assuming we are at least going down to rest the 1040, then 1010 lows possibly by the end of this week.
I read Cobra’s report and he’s bearish for this week too, just like I am. I didn’t see Serge’s report, but after just reading it right now, I’ll say that it’s an “unlikely” scenario, but possible.
The key to the rally, or crash will be the QE2 on November 2nd-3rd. I failure to pass it, and down the market goes… here comes Dow 8300. If it passes, then a slow grind higher will happen.
vix and rvx are over 8%
Thats right.
Now that trendline will be resistance (about 1134 or so)
S&P 500 Hour chart analysis
Well, I guess not? They passed that 113.96 print and went on to the double bottom level. Let’s see if it bounces here…
Gang, it’s now 11am and the market is likely to go into sleep mode from here on out. Light volume could take over and allow it to move back up the rest of the day. While I still see a big move down coming, I want to see the 60 minute chart get overbought, and right now it’s just below the zero level and trying to go positive.
Until it does, I just don’t see any selling sticking. We had a premarket print of 113.96 on the SPY, and that’s likely to be the bottom for today. I base on the the fact that the 15, 10, and 5 minute charts are oversold now (yeah… I know, that’s hard to believe).
Anyway, I’m looking for a move back up into the close today. Hopefully by then, the 60 and 30 minute charts will get overbought, giving us the best place to get short.
This is mainly for you short term swing traders, as you intermediate term traders could short anywhere in the last week and probably still be fine. That’s assuming we are at least going down to rest the 1040, then 1010 lows possibly by the end of this week.
S&P 500 Resistance Zone
I like it… especially that last line (and I quote):
“If the Bond market is right then this divergence resolves with an S&P 500 at about 750.”
If Bernanke is the 800 pound Gorilla, then the Bond market is Tiranosaurio Rex… I wonder who would win in that fight? LOL
“Bernanke is jawboning” – appears that Denninger thinks the same about QE2
http://market-ticker.org/akcs-www?singlepost=2193791
Thanks Pez…
I read Cobra’s report and he’s bearish for this week too, just like I am. I didn’t see Serge’s report, but after just reading it right now, I’ll say that it’s an “unlikely” scenario, but possible.
The key to the rally, or crash will be the QE2 on November 2nd-3rd. I failure to pass it, and down the market goes… here comes Dow 8300. If it passes, then a slow grind higher will happen.
I think it will fail…