The 60 minute chart is trying to go back up from oversold territory. If the initial claims numbers meet estimates, or are too far off, a small relief rally could happen.
If so, that would allow the 60 minute chart to become overbought again and setup Friday to be another down day… especially if the GDP number comes in really bad.
The market looks top about here. The 5 minute chart has peaked and the 15 minute is struggling too. Plus, it's hitting the downward sloping trendline channel that's acting as resistance.
Jim, what makes you think we are going to bounce to 1068-1072 area? The vix is still screaming up and the most important data of the week is being released tomorrow and Friday.
If anything, the claims numbers and GDP will cause the market to crash, not rally. Somehow I don't think both of those numbers are going to be good.
Goldman broke below it's 50 dma of 143.88 this morning. Apple has now had 2 days below it's breakdown support line from the triangle it was in on the daily chart.
The 5 and 15 minute charts are oversold now, so if there's going to be any move up it should start now… especially since all the bad news for today is out now.
Russell 2000 near support area
http://niftychartsandpatterns.blogspot.com/2010…
The 60 minute chart is trying to go back up from oversold territory. If the initial claims numbers meet estimates, or are too far off, a small relief rally could happen.
If so, that would allow the 60 minute chart to become overbought again and setup Friday to be another down day… especially if the GDP number comes in really bad.
The market looks top about here. The 5 minute chart has peaked and the 15 minute is struggling too. Plus, it's hitting the downward sloping trendline channel that's acting as resistance.
APPLE looks weak in weekly chart
http://niftychartsandpatterns.blogspot.com/2010…
Jim, what makes you think we are going to bounce to 1068-1072 area? The vix is still screaming up and the most important data of the week is being released tomorrow and Friday.
If anything, the claims numbers and GDP will cause the market to crash, not rally. Somehow I don't think both of those numbers are going to be good.
Goldman broke below it's 50 dma of 143.88 this morning. Apple has now had 2 days below it's breakdown support line from the triangle it was in on the daily chart.
San, do you have any downside targets for them?
The 5 and 15 minute charts are oversold now, so if there's going to be any move up it should start now… especially since all the bad news for today is out now.
Those idiots… if we crash, it's going to stay down awhile. And from the looks of things, the odd's of a rally are very slim.
Gonna bounce. i am seeing a possible 1068-1072 but hope i am wrong.
MSNBC this am talking another flash crash. So we know that out.
Since the futures are already at 1043 es, that not too much further down to go.