The way I see what happened this morning is simple… they gaped down below the 1685 SPX support level to take out all the bulls’ stops. They as low as 1675 on ES futures to take out the bulls’ that were long there too. They also lured in some bears with the gap down. Right now the bears are trapped and expecting the overhead resistance to hold.
Now, as of today it’s possible that the line holds and we dip back down some to lure in some more bears.. but I honestly wouldn’t count on that happening. It would make more sense to just keep push up here and use the momentum from the trapped bears to gain more ground on the upside. Then tomorrow morning they can gap up over the next resistance level, but it’s looking more and more like they are getting ready to go after the bears’ stops this week.
Yeah Peter, it sucks being a bear. I just can’t wait until they announce that the world is saved in October and they are looking for 20,000 DOW! Then I’ll know for sure the crash is coming!
Technically things are setting up. Most indices settling around their lower BBs as they await the flare opening to the downside.
A certain little indicator waiting to cross beneath its downsloping 50 day average while its component registered a minor change reading on Friday. It should drop below its 50 day on Monday unless there is a monster upday.
A new technical indicator I have been trying has most indices in no mans land between upper and lower boundaries at least as I interpret it. It seems to be a pretty good trend indicator with a few whipsaws but generally it points to a change in trend in a timely manner.
Yesterday was 9420 days from the lesser grand ritual double five years ago. 9420===3×3140 days or 3 Pi. This is a basic component of Martin Armstrong’s Pi Cycle. His ECM (5313) had a turn on August 7 but Martin Armstrong is now disavowing his Pi cycle saying the ultimate economic peak won’t come until October 2015. Lately his ECM/ Pi cycle hasn’t been working and most of his recent essays have been ridiculous numerology fests so much so that I was thinking his whole ECM model lately was a little numerology game.
GOLD Resistance Levels: http://niftychartsandpatterns.blogspot.in/2013/08/gold-support-and-resistance-levels.html
The way I see what happened this morning is simple… they gaped down below the 1685 SPX support level to take out all the bulls’ stops. They as low as 1675 on ES futures to take out the bulls’ that were long there too. They also lured in some bears with the gap down. Right now the bears are trapped and expecting the overhead resistance to hold.
Now, as of today it’s possible that the line holds and we dip back down some to lure in some more bears.. but I honestly wouldn’t count on that happening. It would make more sense to just keep push up here and use the momentum from the trapped bears to gain more ground on the upside. Then tomorrow morning they can gap up over the next resistance level, but it’s looking more and more like they are getting ready to go after the bears’ stops this week.
ES Chart Analysis: http://niftychartsandpatterns.blogspot.in/2013/08/es-chart-analysis_12.html
I think you;re right on a pullback either way, but I dobnt we crash just yet
Yeah Peter, it sucks being a bear. I just can’t wait until they announce that the world is saved in October and they are looking for 20,000 DOW! Then I’ll know for sure the crash is coming!
well said… Bernanke speaks at the end of october too though red. so keep that date i n mind. Damn t sucks for bears this year
Refresh Page for new video update…
Technically things are setting up. Most indices settling around their lower BBs as they await the flare opening to the downside.
A certain little indicator waiting to cross beneath its downsloping 50 day average while its component registered a minor change reading on Friday. It should drop below its 50 day on Monday unless there is a monster upday.
A new technical indicator I have been trying has most indices in no mans land between upper and lower boundaries at least as I interpret it. It seems to be a pretty good trend indicator with a few whipsaws but generally it points to a change in trend in a timely manner.
Yesterday was 9420 days from the lesser grand ritual double five years ago. 9420===3×3140 days or 3 Pi. This is a basic component of Martin Armstrong’s Pi Cycle. His ECM (5313) had a turn on August 7 but Martin Armstrong is now disavowing his Pi cycle saying the ultimate economic peak won’t come until October 2015. Lately his ECM/ Pi cycle hasn’t been working and most of his recent essays have been ridiculous numerology fests so much so that I was thinking his whole ECM model lately was a little numerology game.
SLV Weekend update: http://niftychartsandpatterns.blogspot.in/2013/08/slv-weekend-update.html