It looked like they both played out. Down to the double bottom and then a rally. At this point however, the market needs to break out of this channel if it wants to rally next week too. We'll see, but I think the upside is limited.
I think the IYT chart I posted last night showed pretty good fractal evidence that we were going to rally today.
Today was a great day for bulls and bears. If you sold the rally yesterday at 1060ish and covered this morning, you banked coin. If you bought on weakness yesterday or today and sold today, you banked coin. I did!
As Red said, GS is down (currently 1.7% !). Also look at big cap techs: aapl, msft, csco, all very weak. Big sellers are raising cash into this sham ramp up. Note gold also up.
S&P 500 resistance level
http://niftychartsandpatterns.blogspot.com/2010…
Looks like the computers in permanent buy mode today, with no reason or sense whatsoever.
It's a lot of whipsaw action, designed to frustrate the bears, and give the bulls false hope. In the end, they will both lose… LOL
Red, I think we have been in a complex wave 4 all week. Lots of ABCs. I think we are going to retrace half of this gain by Monday.
Yes Dread…
It looked like they both played out. Down to the double bottom and then a rally. At this point however, the market needs to break out of this channel if it wants to rally next week too. We'll see, but I think the upside is limited.
he said it.
he will print money to purchase securities to prop the market.
I think the IYT chart I posted last night showed pretty good fractal evidence that we were going to rally today.
Today was a great day for bulls and bears. If you sold the rally yesterday at 1060ish and covered this morning, you banked coin. If you bought on weakness yesterday or today and sold today, you banked coin. I did!
As Red said, GS is down (currently 1.7% !). Also look at big cap techs: aapl, msft, csco, all very weak. Big sellers are raising cash into this sham ramp up. Note gold also up.
Looks like it Woody… as we are forming a bull flag now.
SPX double top at 1060, or going to break through?