I don't know Jim? We do have a fake print of 1070 spx, and it will be reached at some point, but when is something I can't answer? I think a lot of people will go long on any dip today, as everyone knows how oversold we are.
I just find it hard to believe we will go back down without a larger move up first. I'm still short, (painfully), but it looks like it's going higher too me, before selling back off again.
Looks like the rally is on this morning, as they first took it down to 1002 pre-market, to hit all the stops of the bulls that went long into the weekend. Now, they are going to put a hurting on the bears it seems. The short squeeze from hell.
Red! My best guess. I'm starting to think, SPY gets to RSI 50, by JULY 17th. 12th-17th, a lot of good companies are reporting earnings. RSI 50 is approx 1070.
“This decline, while it does not look quite complete yet, should end Intermediate wave A of Major wave C. After it ends, probably with a retest of the 1007 pivot, we should get another one of those 80 point rallies for Intermediate wave B. Then another decline should follow, probably about 130 points, into the final low near the OEW 944 pivot. Many technical indicators we follow are already quite oversold after the recent decline.”
I don't know Jim? We do have a fake print of 1070 spx, and it will be reached at some point, but when is something I can't answer? I think a lot of people will go long on any dip today, as everyone knows how oversold we are.
I just find it hard to believe we will go back down without a larger move up first. I'm still short, (painfully), but it looks like it's going higher too me, before selling back off again.
This a tech bounce. No reason for it other than they need an opportunity to sell into.
I think it's more of a technical bounce, to squeeze out the shorts, then for any news related issue.
Is there any catalyst for this today? ISM actually came in lower than expected and we're still rocketing to the sky. Dead cat bounce?
Looks like the rally is on this morning, as they first took it down to 1002 pre-market, to hit all the stops of the bulls that went long into the weekend. Now, they are going to put a hurting on the bears it seems. The short squeeze from hell.
Dow Jones futures hourly chart trading in a raising channel
http://niftychartsandpatterns.blogspot.com/2010…
EUR/USD Trading in a range
http://niftychartsandpatterns.blogspot.com/2010…
Red!
My best guess.
I'm starting to think, SPY gets to RSI 50, by JULY 17th. 12th-17th, a lot of good companies are reporting earnings.
RSI 50 is approx 1070.
Here's a potential inverse head and shoulder on the SPX, From Gary..
<a http://1.bp.blogspot.com/_V7Pddp58Py0/TC5DOvim0…
“This decline, while it does not look quite complete yet, should end Intermediate wave A of Major wave C. After it ends, probably with a retest of the 1007 pivot, we should get another one of those 80 point rallies for Intermediate wave B. Then another decline should follow, probably about 130 points, into the final low near the OEW 944 pivot. Many technical indicators we follow are already quite oversold after the recent decline.”
http://caldaroew.spaces.live.com/