I tend to believe the catalyst will be the dollar or currency turmoil for this market correction. My gut feeling tells me we could have a strong reversal in the dollar, it is way oversold. Otherwise the bull will continue upward to SPX 1300. This is crucial time now.
This looks like it’s going to take us into tomorrow morning as the 60 minute chart is taking its’ sweet time moving up, and is currently still below the zero mark.
We need it to peak itself into the positive territory to setup the perfect shorting opportunity. This chart (by The Chart Pattern Trader) shows a good illustration of what he expects too happen, and I agree with him.
We need to clear out those overhead stops above 1150 before a nice move down can happen. That leaves the possible gap up for tomorrow morning, as it didn’t happen today as I was hoping.
This also lines up with what Mr. TopStep quoted about the portfolio managers running out of cash by 11:30-Noon on the last day of the quarter… which is tomorrow.
Plus, the Fed’s still have some money left to buy up the market, and it’s scheduled for tomorrow morning too. Seems like the perfect storm is coming tomorrow, so be ready to place your bets.
We are looking for a move slightly above the 1150 level to get short. Maybe 1155 or even 1160 on a quick candle move. But by the end of the day, I expect the market to sell off reversing the entire move up in the morning.
Just keep your eye on this chart. We want to see it go into positive territory and look peaked somewhere around noon tomorrow. We’ll also want the 30, 15, 10, and 5 minute charts to peak together too. I believe they will all line up insync together, which will give you the perfect spot to get short.
Looks like we’ll chop around awhile first, as the 60 minute chart is still pointing up. It could take most of the day to move up to overbought territory. That means the market shouldn’t fall hard, as we need this chart to peak out first… and roll over to start the sell off.
The dollar index is at 78.98 (reached my monthly and qtly targets). either she’s bottoming right now or at 78.45 which is a reversal point….So up the dollar now or real soon, and DOWN for pmetals, es, corn, eurusd, etc, etc
ES unlikely to go below 1100-1097 IT… ST 1119-1125… Price must stay below 1139-1139.60 for this to happen
S&P 500 Near Resistance level
I tend to believe the catalyst will be the dollar or currency turmoil for this market correction. My gut feeling tells me we could have a strong reversal in the dollar, it is way oversold. Otherwise the bull will continue upward to SPX 1300. This is crucial time now.
Not good for the bears? Check out his dollar chart. Best regards,
http://timeandcycles.blogspot.com/2010/09/us-dollar-time-and-cycles.html
Gang,
This looks like it’s going to take us into tomorrow morning as the 60 minute chart is taking its’ sweet time moving up, and is currently still below the zero mark.
We need it to peak itself into the positive territory to setup the perfect shorting opportunity. This chart (by The Chart Pattern Trader) shows a good illustration of what he expects too happen, and I agree with him.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1926808&cmd=show%5Bs203387376%5D&disp=P
We need to clear out those overhead stops above 1150 before a nice move down can happen. That leaves the possible gap up for tomorrow morning, as it didn’t happen today as I was hoping.
This also lines up with what Mr. TopStep quoted about the portfolio managers running out of cash by 11:30-Noon on the last day of the quarter… which is tomorrow.
Plus, the Fed’s still have some money left to buy up the market, and it’s scheduled for tomorrow morning too. Seems like the perfect storm is coming tomorrow, so be ready to place your bets.
We are looking for a move slightly above the 1150 level to get short. Maybe 1155 or even 1160 on a quick candle move. But by the end of the day, I expect the market to sell off reversing the entire move up in the morning.
Just keep your eye on this chart. We want to see it go into positive territory and look peaked somewhere around noon tomorrow. We’ll also want the 30, 15, 10, and 5 minute charts to peak together too. I believe they will all line up insync together, which will give you the perfect spot to get short.
Good luck to us all…
SPY FP at 114.78 (approx)…
This guy is often wrong but definitely not a good time to go long
http://www.mahendraprophecy.com/latest-news.php?id=473
Look at the “Afterhours High” on the spy yesterday night…
http://www.nasdaq.com/aspxcontent/ExtendedTradingTrades.aspx?selected=SPY&mkttype=after&symbol=IWM&symbol=RUT&symbol=VXX&symbol=QQQQ&symbol=SPY&symbol=DIA
Flip those numbers after the decimal point, and what do you get?
Well… no gap up! Bummer…
Looks like we’ll chop around awhile first, as the 60 minute chart is still pointing up. It could take most of the day to move up to overbought territory. That means the market shouldn’t fall hard, as we need this chart to peak out first… and roll over to start the sell off.
S&P 500 Futures before opening bell
The dollar index is at 78.98 (reached my monthly and qtly targets). either she’s bottoming right now or at 78.45 which is a reversal point….So up the dollar now or real soon, and DOWN for pmetals, es, corn, eurusd, etc, etc
ES unlikely to go below 1100-1097 IT… ST 1119-1125… Price must stay below 1139-1139.60 for this to happen