We might just close flat today guys? If so, then I'd expect tomorrow to rally up to the 111.17 spy FP, but if it hits it today then tomorrow could see some selling.
However, as I said earlier, the claims numbers can easily be made up. Therefore I would expect too much downside on Thursday if we hit the 111.17 print into the close today.
But Friday could cause so selling if the Philly Fed is negative? My gut tells me they will hold it up until opx is over and then take it down early next week. Who's knows which it will be, but the top is close now… that's for sure.
The VXX is basically dead right now. It could fall all the way back down to 21.30 to fill the gap before reversing. This would allow the market to get to 111.17 spy, per the FP.
If it doesn't happen today, then I'd expect it to happen tomorrow. The claims data tomorrow will likely be view positive, and give the market the boost it needs to go higher… should it not do it today.
Well, that fulfilled the 109.20 spy FP from yesterday with a little to spare. I've noticed that sometimes they push through the FP on momentum, but nevertheless… we hit our target.
Next is the 111.17 FP, which could take all day today and even into tomorrow possibility. The 15 minute chart is very oversold now, and looking to turn back up. I expect it to take most of the day to work its' way back into overbought territory.
At the same time, the 60 minute chart should put in a second positive histogram tower, that is smaller then the current one. This will give it a negative divergence as the market moves higher.
If it makes it's finally peak at the same time the 15 minute chart gets overbought, that could set tomorrow up as a nice down day. The initial claims and continuing claims are out in the morning which could start some selling.
But the Philadelphia Fed numbers on Friday at 10:00 am should be a real market mover… especially if they aren't positive.
Too me, the wise thing to do would be to wait until 111.17 spy is hit today and go short into this data. Even if it's view as positive, I don't see much more upside past 111.17, without some selling first.
Of course if the data is horrible, then we can expect a huge sell off to happen. But, I have no idea on what the data is… only that the odds favor very little upside past 111.17, and a potential for a lot of downside if it's negative.
It will stop soon, and reverse back up Jim. You know they aren't going to let the bears make money that easy. It's a trap for the retail shorts right now. They are going to turn this up after the first hour or so, and squeeze them all out.
We might just close flat today guys? If so, then I'd expect tomorrow to rally up to the 111.17 spy FP, but if it hits it today then tomorrow could see some selling.
However, as I said earlier, the claims numbers can easily be made up. Therefore I would expect too much downside on Thursday if we hit the 111.17 print into the close today.
But Friday could cause so selling if the Philly Fed is negative? My gut tells me they will hold it up until opx is over and then take it down early next week. Who's knows which it will be, but the top is close now… that's for sure.
The VXX is basically dead right now. It could fall all the way back down to 21.30 to fill the gap before reversing. This would allow the market to get to 111.17 spy, per the FP.
If it doesn't happen today, then I'd expect it to happen tomorrow. The claims data tomorrow will likely be view positive, and give the market the boost it needs to go higher… should it not do it today.
Looks like clock work. I was holding off for 1105 before i started adding to yesterdays entry.
Well, that fulfilled the 109.20 spy FP from yesterday with a little to spare. I've noticed that sometimes they push through the FP on momentum, but nevertheless… we hit our target.
Next is the 111.17 FP, which could take all day today and even into tomorrow possibility. The 15 minute chart is very oversold now, and looking to turn back up. I expect it to take most of the day to work its' way back into overbought territory.
At the same time, the 60 minute chart should put in a second positive histogram tower, that is smaller then the current one. This will give it a negative divergence as the market moves higher.
If it makes it's finally peak at the same time the 15 minute chart gets overbought, that could set tomorrow up as a nice down day. The initial claims and continuing claims are out in the morning which could start some selling.
But the Philadelphia Fed numbers on Friday at 10:00 am should be a real market mover… especially if they aren't positive.
Too me, the wise thing to do would be to wait until 111.17 spy is hit today and go short into this data. Even if it's view as positive, I don't see much more upside past 111.17, without some selling first.
Of course if the data is horrible, then we can expect a huge sell off to happen. But, I have no idea on what the data is… only that the odds favor very little upside past 111.17, and a potential for a lot of downside if it's negative.
It will stop soon, and reverse back up Jim. You know they aren't going to let the bears make money that easy. It's a trap for the retail shorts right now. They are going to turn this up after the first hour or so, and squeeze them all out.
Not the open I expected. Bought shorts yesterday but only nibbled. if this continues i am unarmed.
Dow Jones Futures before opening bell
http://niftychartsandpatterns.blogspot.com/2010…
Thanks Zen…
I also try to pop around the blogsphere and read what others are saying too. I don't have time to read them all either, but I've read yours too.
Red, I really like you're nightly commentary. I don't have the time to read to many blogs, but yours is one I try to make it to once a day.
google is as Evil as a pig digging up the whole forest looking for truffles.