I think that fake print low on the Dow maybe our short-term bottom, if it gets confirmed with some bullish divergence. A Drop to 97 for the DIA ETF from the current levels corresponds with about a 1033-1035 level on the S&P, slighly lower than the low on 2/5 and 5/25 but now lower than the 11/2 low, which many technicians have said the S&P would need to close under to truly launch into a bear market.
I think there will be a big rally next Monday and Tuesday that will fall flat by EOW, leave practically all option holders (long and short) out of the money, which is the norm.
The 60 minute chart will be in overbought territory by the end of the day, or first thing tomorrow. The 15 is already in overbought territory now.
When they turn back down together… either in to the close today, or tomorrow morning, we should have another leg down in the market. This time we should take out the 1040 support area
I think that fake print low on the Dow maybe our short-term bottom, if it gets confirmed with some bullish divergence. A Drop to 97 for the DIA ETF from the current levels corresponds with about a 1033-1035 level on the S&P, slighly lower than the low on 2/5 and 5/25 but now lower than the 11/2 low, which many technicians have said the S&P would need to close under to truly launch into a bear market.
Thanks Illinikap…
Here it is for everyone…
http://reddragonleo.com/wp-content/uploads/2010…
Just sent it. Thanks. There was massive volume on that 1 minute candle for both the Dow E-mini and DIA etf.
Sign up for a free screencast account, and upload it there. Or email it to me, and I'll post it for you.
good point rip. But there is end of the month for the emini s&p. I'll do both. Assuming I have any money
Yes I do, but don't know where I could upload it. Any suggestions?
I think there will be a big rally next Monday and Tuesday that will fall flat by EOW, leave practically all option holders (long and short) out of the money, which is the norm.
The 60 minute chart will be in overbought territory by the end of the day, or first thing tomorrow. The 15 is already in overbought territory now.
When they turn back down together… either in to the close today, or tomorrow morning, we should have another leg down in the market. This time we should take out the 1040 support area
Didn't you say you caught a fake print on the Dow? Do you have a screen shot of it?
Looks like they are trying to manipulate another run.
The volume must be very low for these swings to occur