Since none of the selling is sticking, I'd say that we will dip down below the zero level on the 15 minute chart, and curl back up into the close. If that happens, then there should be a rally then, as the 15 and the 60 will be pushing the market up.
Right now, the 15 is pushing down and the 60 is pushing up. That's why we are trading in this range. Once the 15 resets, and push back up, they will be aligned together and allow the market to rise higher.
The light volume, as all the traders are probably leaving for the weekend right now, will also help allow the market to rise… as there won't be any selling pressure left.
This thing looks ready to roll over at anytime now. Just don't know if they will allow it to do so today… going into the 4th and all? With the light volume, they could hold it up all day?
It's just looking pretty weak, so I'd rather sit on the sidelines right now. I still think we are going up to 1070, but I don't know if that starts from here, or from 990?
Gang the 60 and the 15 minute charts are now looking like they are going to roll over today. We could have a big sell off into the close, instead of a rally. I'd close any long up now… for anyone brave enough to go long today.
Since none of the selling is sticking, I'd say that we will dip down below the zero level on the 15 minute chart, and curl back up into the close. If that happens, then there should be a rally then, as the 15 and the 60 will be pushing the market up.
Right now, the 15 is pushing down and the 60 is pushing up. That's why we are trading in this range. Once the 15 resets, and push back up, they will be aligned together and allow the market to rise higher.
The light volume, as all the traders are probably leaving for the weekend right now, will also help allow the market to rise… as there won't be any selling pressure left.
The death cross is here in S&P 500
http://niftychartsandpatterns.blogspot.com/2010…
This thing looks ready to roll over at anytime now. Just don't know if they will allow it to do so today… going into the 4th and all? With the light volume, they could hold it up all day?
Was just looking at this H&S on dow …
http://cdn.forexfactory.com/attachment.php?atta…
Dow Jones inverted head and shoulders and 50 hour moving average resistance
http://niftychartsandpatterns.blogspot.com/2010…
I agree we goto fill the gap @ 107 and of course I believe it started yesterday…so far so good….move my stop up to break even…102.28
It's just looking pretty weak, so I'd rather sit on the sidelines right now. I still think we are going up to 1070, but I don't know if that starts from here, or from 990?
I'm sticking with my pick…kangaroo tail…I think we just hit bottom…I was looking for 102.36..38..but 102.46 is good …not up for the day…
Gang the 60 and the 15 minute charts are now looking like they are going to roll over today. We could have a big sell off into the close, instead of a rally. I'd close any long up now… for anyone brave enough to go long today.
Good idea Jim…
I'm sitting in cash too. I don't know if it will rally or not? The charts are mixed, so it's best to wait for a better setup next week.