We hit the first fake print of 109.79 spy… now what? Do we keep on rallying to the 112.41 print, and have a 50 point rally like Anthony Allen called for… or save that for another day? (I got to hand it to him on calling that call correctly… I never expected such a powerful rally today).
I agree with you. I've changed my outlook from bearish to bullish almost daily now. The charts are worthless sometimes it seems. This is one of those times.
Everything I seen pointed down today, yet the market rallied hard? Even the news out was bad… talk about manipulation! There is no question in my mind that this was another short squeeze.
Will it continue higher tomorrow? I don't know at this point? We'll just have to look for the FP after the close today, as that's about the only thing accurate at this point.
look at the comments over the last week===the markets going up, no the market is going down, no the marketis… charts are not working well, reminds me of mid 09. call it what you want but there is no rational to the moves, vix is bottom at support, when the market shows where it is headed we will get a big move. 1500 points or more in a hurry, who thinks we are going to 11800? I do not. Staying short untill Aug expiration. Good luck trading,
The daily chart turned back up with today's move, so we could also be heading to 112.41 (the other FP), but not today of course. Tomorrow or next week seems more likely at this point.
We hit the first fake print of 109.79 spy… now what? Do we keep on rallying to the 112.41 print, and have a 50 point rally like Anthony Allen called for… or save that for another day? (I got to hand it to him on calling that call correctly… I never expected such a powerful rally today).
Yes Jack,
I agree with you. I've changed my outlook from bearish to bullish almost daily now. The charts are worthless sometimes it seems. This is one of those times.
Everything I seen pointed down today, yet the market rallied hard? Even the news out was bad… talk about manipulation! There is no question in my mind that this was another short squeeze.
Will it continue higher tomorrow? I don't know at this point? We'll just have to look for the FP after the close today, as that's about the only thing accurate at this point.
look at the comments over the last week===the markets going up, no the market is going down, no the marketis… charts are not working well, reminds me of mid 09. call it what you want but there is no rational to the moves, vix is bottom at support, when the market shows where it is headed we will get a big move. 1500 points or more in a hurry, who thinks we are going to 11800? I do not. Staying short untill Aug expiration. Good luck trading,
The daily chart turned back up with today's move, so we could also be heading to 112.41 (the other FP), but not today of course. Tomorrow or next week seems more likely at this point.
From the looks of this breakout San, it wouldn't surprise me if it closed near the high.
It's not looking for the bears Jim… that's for sure. I guess we will go to that 109.79 FP after all.
Dow Jones futures chart
http://niftychartsandpatterns.blogspot.com/2010…
I hope some profit taking shows up pretty soon.
Its pretty bloody. Even my stops hurt.
Top of pole is may 25th
On what time frame?