At this rate, the 60 minute chart won't bottom and roll back up until closer to the close today. That could cause tomorrow to be an UP day, as it rises back into positive territory. This assume the daily chart doesn't turn down today… and so far, it doesn't look like it's going too.
Since tomorrow is opx, and the largest open interest level on the call side is 110, and the put side 107, I'm still expecting a close somewhere in between those two levels.
Lots of times I've notice they go down close to gap fill, and bounce back up squeezing out the bears, and getting the retail bulls on thinking the gap is close enough for “gap fill”.
Then, they turn it back down one more time to finally fill the gap to get those retail bulls to bail on there position thinking the rally back failed. So, we still could see the actual gap fill level at 108.03 spy before the afternoon rally.
The time period is also key to watch, as it's not close enough to the 11am-11:30am period, where traders leave for lunch. That suggests there is still enough time to go down to 108.03 but the lunch rally.
We hit 108.17 as a low, and although the opening gap was 108.03, the actually closing on the previous day was 108.25… which could also be considered as “gap fill” on this move down.
BEAR FLAG – Dow jones 10 minutes chart
http://niftychartsandpatterns.blogspot.com/2010…
At this rate, the 60 minute chart won't bottom and roll back up until closer to the close today. That could cause tomorrow to be an UP day, as it rises back into positive territory. This assume the daily chart doesn't turn down today… and so far, it doesn't look like it's going too.
Thanx Sir
I have edited it
Link is broken. 🙁
We may never know, the open interest position can change very quickly
BROADENING TOP OF S&P 500
http://niftychartsandpatterns.blogspot.com/2010…
Since tomorrow is opx, and the largest open interest level on the call side is 110, and the put side 107, I'm still expecting a close somewhere in between those two levels.
DOW JONES- HIDDEN NEGATIVE DIVERGENCE UPDATED CHART
http://niftychartsandpatterns.blogspot.com/2010…
Lots of times I've notice they go down close to gap fill, and bounce back up squeezing out the bears, and getting the retail bulls on thinking the gap is close enough for “gap fill”.
Then, they turn it back down one more time to finally fill the gap to get those retail bulls to bail on there position thinking the rally back failed. So, we still could see the actual gap fill level at 108.03 spy before the afternoon rally.
The time period is also key to watch, as it's not close enough to the 11am-11:30am period, where traders leave for lunch. That suggests there is still enough time to go down to 108.03 but the lunch rally.
Looks like that's it…
We hit 108.17 as a low, and although the opening gap was 108.03, the actually closing on the previous day was 108.25… which could also be considered as “gap fill” on this move down.