We should rally up to that FP of 109.79 after 2pm, as that's when Bernanke speaks. That's what the market is waiting on right now. I do expect it to sell back off afterward though.
The market is still banging on that falling resistance trendline from the April high. We've been this falling channel the entire time. A breakout would be bullish, but I don't see it happening right now.
If dow starts trading below the 50 hour SMA it will be problems for the bulls. the longer it takes to go above the resistance line the more bearish it gets.
I think it will gap up out of that triangle San. But after it gaps up, I think it will fall back down lower. I see lot's of false breakouts on triangles. A gap out of it to hit the FP of 109.79 spy, and then sell off the rest of the day would be my best guess.
Yes, I agree… but I'm still looking for that pop higher first, and then a sell off.
sell off… after they realize what he REALLY said.
When Obama, Timmy, or Bernanke speak in public, the markets usually go down.
We should rally up to that FP of 109.79 after 2pm, as that's when Bernanke speaks. That's what the market is waiting on right now. I do expect it to sell back off afterward though.
What time does Benny Boy speak? I'm sure that's what everyone is waiting on.
The market is still banging on that falling resistance trendline from the April high. We've been this falling channel the entire time. A breakout would be bullish, but I don't see it happening right now.
If dow starts trading below the 50 hour SMA it will be problems for the bulls. the longer it takes to go above the resistance line the more bearish it gets.
FP back to 108.50 spy…
I think it will gap up out of that triangle San. But after it gaps up, I think it will fall back down lower. I see lot's of false breakouts on triangles. A gap out of it to hit the FP of 109.79 spy, and then sell off the rest of the day would be my best guess.
DOW JONES futures hourly chart
http://niftychartsandpatterns.blogspot.com/2010…
On the 5 minute chart gap up and gap fill in 1/2 hour.
I have no clue whats next .