I think the market will fill this gap before the day ends. After the 11am time frame rolls around the volume should lighten up some and allow the market to move higher into the EOD.
How high is unknown of course, but you should expect at least the gap fill target of 109.00 spy. As for tomorrow, I don't know yet as it will depend on where the 60 minute chart ends up.
It might not get overbought enough to cause another sell off tomorrow? It's hard to say on that one. What if the CPI and Core CPI come in good? Then it would push up a little higher tomorrow.
The bottom line is… we likely hit close enough to our FP of 107.35 spy today and a few days of “pausing” is too be expected now.
I wasn't sure how we would open, as the jobs data was unknown. But I was fairly sure we would reverse at the 107.35 print… when and how we hit it was another story.
We only hit 107.60, but I think that is close enough. I'd say that the low is in for today.
I don't know how low it's going tomorrow, but I did suspect that we would turn when we hit the 107.35 print. We came pretty close at the open with a 107.60 print low.
At this point, the market should work it's way higher all day to work off the oversold conditions on the 60 minute chart. Depending on how much of it is worked off will determine tomorrows fate.
It may be too obvious, but I think 1050 by tomorrow would be the target b4 a corrective move. I've still got 880 to 950 as the destination, so the first move would need to be fairly large.
after dying by a thousand cuts, I re-examined my strategies and reduced the size of my positions. Now, I got one right! whee! I think I made a $100 yesterday
Nice calls Red. There is a breakout on the directional which would lead me to believe we are going lower tomorrow.
http://content.screencast.com/users/texana44/fo…
I think the market will fill this gap before the day ends. After the 11am time frame rolls around the volume should lighten up some and allow the market to move higher into the EOD.
How high is unknown of course, but you should expect at least the gap fill target of 109.00 spy. As for tomorrow, I don't know yet as it will depend on where the 60 minute chart ends up.
It might not get overbought enough to cause another sell off tomorrow? It's hard to say on that one. What if the CPI and Core CPI come in good? Then it would push up a little higher tomorrow.
The bottom line is… we likely hit close enough to our FP of 107.35 spy today and a few days of “pausing” is too be expected now.
Thanks Zen…
I wasn't sure how we would open, as the jobs data was unknown. But I was fairly sure we would reverse at the 107.35 print… when and how we hit it was another story.
We only hit 107.60, but I think that is close enough. I'd say that the low is in for today.
great call Red
I don't know how low it's going tomorrow, but I did suspect that we would turn when we hit the 107.35 print. We came pretty close at the open with a 107.60 print low.
At this point, the market should work it's way higher all day to work off the oversold conditions on the 60 minute chart. Depending on how much of it is worked off will determine tomorrows fate.
It may be too obvious, but I think 1050 by tomorrow would be the target b4 a corrective move. I've still got 880 to 950 as the destination, so the first move would need to be fairly large.
Be careful here gang… remember, once the FP of 107.35 is hit, we could turn back up for a counter wave move. I'd take profits asap…
It looks like we could open right around our 107.35 print, from the looks of the pre-market right now.
Congrats Pez! Every little profit is still better then a big loss… trust me, I know. LOL.
after dying by a thousand cuts, I re-examined my strategies and reduced the size of my positions. Now, I got one right! whee! I think I made a $100 yesterday