This looks like one last hurray from the bulls, as instead of slowly rising over today and early next week, they are expending all their energy today. By late today, (or Monday), all of the smaller time frame charts (the 5, 10, 15, 30, and 60 minute) will be in over bought territory.
If it happens today, then Monday could be a huge down day? So scratch what I said earlier about only taking a small short position over the weekend, as we could have the makings of a Black Monday should all these charts get overbought by the end of the day.
But let’s wait to see what happens before going gangbusters, all in short! Patience is the name of the game.
We certainly blew past that 113.40 FP this morning. I expected a rally, but not one this strong. Maybe they will take it up to the 1160-1170 level after all? Anything is possible.
I think the dollar will eventually collapse, but for now we should expect that support level to hold. If it consolidates for a few days, and then runs higher, the market will fall hard from it. And that’s exactly what I’m expecting it to do…
I’m a novice too Mr. King… but I’m learning. Hang in there, as next week could be a really big down week. Save some cash for it, as I expect the later part of the week to be when the crap hits the fan.
Can you post it Omar, or email it too me?
LOL… ain’t that the truth!
This looks like one last hurray from the bulls, as instead of slowly rising over today and early next week, they are expending all their energy today. By late today, (or Monday), all of the smaller time frame charts (the 5, 10, 15, 30, and 60 minute) will be in over bought territory.
If it happens today, then Monday could be a huge down day? So scratch what I said earlier about only taking a small short position over the weekend, as we could have the makings of a Black Monday should all these charts get overbought by the end of the day.
But let’s wait to see what happens before going gangbusters, all in short! Patience is the name of the game.
Bear meat is what’s for dinner! crazy!! I covered most at open
S&P 500 Chart – Previous resistance becomes support
Well gang,
We certainly blew past that 113.40 FP this morning. I expected a rally, but not one this strong. Maybe they will take it up to the 1160-1170 level after all? Anything is possible.
ACP,
I think the dollar will eventually collapse, but for now we should expect that support level to hold. If it consolidates for a few days, and then runs higher, the market will fall hard from it. And that’s exactly what I’m expecting it to do…
I’m a novice too Mr. King… but I’m learning. Hang in there, as next week could be a really big down week. Save some cash for it, as I expect the later part of the week to be when the crap hits the fan.
S&P 500 Hour chart analysis
spy print 112.50 at 08:20