Looks like we are headed to the 1080 lower channel line. Tomorrow might be a “pause” day though, as today sold off pretty hard. Isn't the FOMC meeting tomorrow? I think it's at 2:15pm. So maybe it will continue down into the meeting and reverse on it… or rally before it, and sell off on it? It's usually a turning point in the market.
The end of day ramp job is starting. Watch for the typical stick save to close above the 10 SMA around 1100 and even possibly pushing it up above San's level of 1104.
Like I said, 1100 is key and we are now bouncing of the daily 10 SMA on the ES and SPX. I plan on closing out my shorts and buying some SSO calls at the end of the day if we don't look like we will close under the 10 SMA
Looks like we are headed to the 1080 lower channel line. Tomorrow might be a “pause” day though, as today sold off pretty hard. Isn't the FOMC meeting tomorrow? I think it's at 2:15pm. So maybe it will continue down into the meeting and reverse on it… or rally before it, and sell off on it? It's usually a turning point in the market.
Yes, it feels good to be on the right side for a change.
I had to leave for a few hours, and I come back to see that someone kicked the bulls in the groin… LOL. It's about time!
The False breakout of Dow Jones
http://niftychartsandpatterns.blogspot.com/2010…
The end of day ramp job is starting. Watch for the typical stick save to close above the 10 SMA around 1100 and even possibly pushing it up above San's level of 1104.
Change of trend looks like its forming. I think i see some more selling through Friday.
Bounce at 1080 +- possibly slightly lower. then back up to finish rs is my bet.
I believe we are headed straight down into the murky depths 🙂
Like I said, 1100 is key and we are now bouncing of the daily 10 SMA on the ES and SPX. I plan on closing out my shorts and buying some SSO calls at the end of the day if we don't look like we will close under the 10 SMA
The effect of bearish engulfing on S&P 500
http://niftychartsandpatterns.blogspot.com/2010…
i think 1090 next.