Atilla is on a longer term time frame then I am. He can wait for several weeks or months if necessary. While I'm sure we are going up soon, I don't know if it starts today or not.
The daily chart is turning back up a little bit, but we could still go lower first, before a larger move up. I'm still bearish short term, as in hours to days.
XTrends is now a bull board and Well Armed has turned short-term bullish and they say everyone is bearish. I believe most of the hardened bears are out of the market.
I think most people are looking for a dip back down to 1020 area to go long at. However, should the 1020 area fail, then yes… we could easily go back down to that overnight low.
Yes, this is all technical, because the news is still negative. I thought we would hit 1040 last Friday, but they waited until today to squeeze the bears.
They took it down to 1002 ES on Sunday night and Monday night, and then jammed up this morning. I guess they were baiting the bears of a possible gap down today, as well as clearing all the stops the bulls put in on Friday.
I have no doubt that we will get to 1070, not because everyone expects, but because of the fake print. The “when” question is what I can't answer.
If we dip into the close today, a lot of people will go long I believe. Everyone knows how oversold we are, very few want to go short at these levels.
Yes, there is still overwhelming bearishness out there, but are they really short the market right now? Or, are they in cash waiting for a rally up to 1070 to short? I don't know, but it certainly looks like positive day today.
However, I've noticed that the overnight high or low is usually tested again at some point during the regular hours. Seems unlikely to happen today, but stranger things have happened.
Dow Jones fib ratio for the recent fall
http://niftychartsandpatterns.blogspot.com/2010…
Jaywiz does. Goto his intraday charts for the current week. They admittedly take some time to fathom.
Do you have a link to the Helge charts?
Atilla is on a longer term time frame then I am. He can wait for several weeks or months if necessary. While I'm sure we are going up soon, I don't know if it starts today or not.
The daily chart is turning back up a little bit, but we could still go lower first, before a larger move up. I'm still bearish short term, as in hours to days.
The Helge charts were very accurate for yesterday afternoon and evening and they have continued to be.
XTrends is now a bull board and Well Armed has turned short-term bullish and they say everyone is bearish. I believe most of the hardened bears are out of the market.
I think most people are looking for a dip back down to 1020 area to go long at. However, should the 1020 area fail, then yes… we could easily go back down to that overnight low.
There is no conviction here. Rvix is even positive. No serious buying on this dip at least for now.
After last nights futures I would not be surprised to see a total turn around and close negative.
Yes, this is all technical, because the news is still negative. I thought we would hit 1040 last Friday, but they waited until today to squeeze the bears.
They took it down to 1002 ES on Sunday night and Monday night, and then jammed up this morning. I guess they were baiting the bears of a possible gap down today, as well as clearing all the stops the bulls put in on Friday.
I have no doubt that we will get to 1070, not because everyone expects, but because of the fake print. The “when” question is what I can't answer.
If we dip into the close today, a lot of people will go long I believe. Everyone knows how oversold we are, very few want to go short at these levels.
Yes, there is still overwhelming bearishness out there, but are they really short the market right now? Or, are they in cash waiting for a rally up to 1070 to short? I don't know, but it certainly looks like positive day today.
However, I've noticed that the overnight high or low is usually tested again at some point during the regular hours. Seems unlikely to happen today, but stranger things have happened.
I agree with that target. i am in sso and out of all shorts except TZA which I have a bunch of at very low entry so Iam holding.
i will add shorts as we continue this. Could last through opx but w/such weak news I do not know either.