There's either a bad quote or a fake print over at stockcharts.com for $xeu which is the euro. I can't believe that quote is correct. Check out the chart.
All of this sideways trading is putting in a bear flag now. Should it play out, will we fall outside of this rising channel. The drop should be hard, and I think it could start around the last hour of the day.
Right now they are working off the oversold conditions on the 15 minute chart, but the 60 is still going down. It's trying, but not wanting to roll back up yet. It's still in oversold territory, but could stay there awhile.
I think people will start to bail out around 3pm today, we could easily head down toward the 107 FP area. We are riding that support right now, and if it breaks… then we should go down hard and fast.
Since they put the FP on the euro, logic would say that something big is going to be announced… maybe another country defaulting?
I got a screen shot of the $XEU FP… just in case it disappears.
http://reddragonleo.com/wp-content/uploads/2010…
I can't believe the euro is up with all of this action. but it does look it's putting in a shooting star pattern.
Whole cow! That's not good for the rest of the market… LOL
Good job Geccko… thanks for catching it and telling us.
There's either a bad quote or a fake print over at stockcharts.com for $xeu which is the euro. I can't believe that quote is correct. Check out the chart.
All of this sideways trading is putting in a bear flag now. Should it play out, will we fall outside of this rising channel. The drop should be hard, and I think it could start around the last hour of the day.
Right now they are working off the oversold conditions on the 15 minute chart, but the 60 is still going down. It's trying, but not wanting to roll back up yet. It's still in oversold territory, but could stay there awhile.
I think so Newbear…
I think people will start to bail out around 3pm today, we could easily head down toward the 107 FP area. We are riding that support right now, and if it breaks… then we should go down hard and fast.
Wonder if this is the start to hit FP target near 107.
There is another gap around 1070, but today's closes gap is at 1104.34 spx at the August 1st gap open.
Thanks… good luck with your put options (many of us are in the same boat with you).