If we are forming a H&S on the daily, the right shoulder is SUPPOSED TO HAVE LOWER VOLUME. The low volume melt up to form the right shoulder at 1040ish could be validate the bear case from there and the H&S pattern itself.
No, they aren't all long now. They are just starting to get long. That's my point. Once enough of them are long, the market will likely reverse hard, and trap them.
Most are now looking for that right shoulder to form around 1140-1150, which I don't think it will get there, but instead turn back down, falling short of that target zone, and trapping them.
But, no one knows for sure? I only know that I've seen the market routinely fall short 5-10 points of a target zone, or over shoot it by 5-10 points. Which will happen? I don't know.
No, I'm saying that they are tricking the sheep into going long. There aren't many more shorts left in the market after today. Many of them had stops at 1111-1114 area… which were just taken out today.
Now, all the bulls are long now, as they see a clean breakout of the 1100-1105 resistance zone. The trick well be when they reverse it back down and don't let them out of their longs… meaning NO bounces when falling.
At what point they turn it is unknown. It could turn right here, just shy of the 1120 (50 day EMA) level, or at 1130-1135, just shy of the 1140-1150 right shoulder level.
One way or another, they will trick both the bulls and bears by not hitting a predicted level, or going through it by 5-10 points.
Some news event will be realize to cause the panic sell off. What, and when? I don't know. Maybe over the weekend? Or maybe this week, but something will be blamed for the coming sell off.
It could be another debt crisis from one more of the PIIGS countries, or a false flag event. I hope it's only a defaulting country, and not another staged event that kills people. But, you never know what these crooks are planning…
If we are forming a H&S on the daily, the right shoulder is SUPPOSED TO HAVE LOWER VOLUME. The low volume melt up to form the right shoulder at 1040ish could be validate the bear case from there and the H&S pattern itself.
Red if you recall Anna had prints of VIX at 24 10 days ago and they were met today.
I guess another bearish plus, we've filled the gaps on SPX from the move down. 1115.05 was waiting to be filled and it was right before the close.
why there?
Nice catches IlliniKap… maybe we will get them tomorrow?
Will I'm not a big fan of the Bear Case right now, ETFs for all the Major indices posted fake prints today and substantial volume.
SPY – $109.48 both Pre-Market and Afterhours
http://www.screencast.com/users/illinikap/folde…
DIA – $102.10 and that candle had the highest volume for the day
http://www.screencast.com/users/illinikap/folde…
QQQQ – $45.45 Printed During Trading Hours and Afterhours, once again biggest volume candle of the day
http://www.screencast.com/users/illinikap/folde…
IWM – $65.36 Print Printed During Trading Hours and Afterhours
http://www.screencast.com/users/illinikap/folde…
No, they aren't all long now. They are just starting to get long. That's my point. Once enough of them are long, the market will likely reverse hard, and trap them.
Most are now looking for that right shoulder to form around 1140-1150, which I don't think it will get there, but instead turn back down, falling short of that target zone, and trapping them.
But, no one knows for sure? I only know that I've seen the market routinely fall short 5-10 points of a target zone, or over shoot it by 5-10 points. Which will happen? I don't know.
Bulls are not all long now. What data are you tracking? Shorts are covering because they already took profits, it's summer.
Dow jones end of day analysis
http://niftychartsandpatterns.blogspot.com/2010…
No, I'm saying that they are tricking the sheep into going long. There aren't many more shorts left in the market after today. Many of them had stops at 1111-1114 area… which were just taken out today.
Now, all the bulls are long now, as they see a clean breakout of the 1100-1105 resistance zone. The trick well be when they reverse it back down and don't let them out of their longs… meaning NO bounces when falling.
At what point they turn it is unknown. It could turn right here, just shy of the 1120 (50 day EMA) level, or at 1130-1135, just shy of the 1140-1150 right shoulder level.
One way or another, they will trick both the bulls and bears by not hitting a predicted level, or going through it by 5-10 points.
Some news event will be realize to cause the panic sell off. What, and when? I don't know. Maybe over the weekend? Or maybe this week, but something will be blamed for the coming sell off.
It could be another debt crisis from one more of the PIIGS countries, or a false flag event. I hope it's only a defaulting country, and not another staged event that kills people. But, you never know what these crooks are planning…