Take notice of the cash spx monthly chart and note the 20 month MA
it worked or was touched upon 5 or 6 times (in other words it worked) in 05-07 (support) and acted as resistance once in 08
So my educated guess is that next week opx for June (along with all the European problems- I heard that German unions will go on stirke?) that the $SPX will test the 20 month MA (Bollinger Bands) now at 990.
We are now putting in a nice bear flag on the 15 minute chart. We could continue this sideways movement until the MACD works off some of oversold conditions. It may take an hour or two? It's hard to know for sure how, because I don't know how many of these 15 minute bars are needed before another flush down will happen?
I doubt that it will make it back above the zero line and into positive territory, as I expect it to just inch up close too it, and then fall back down. The 60 minute chart is still putting huge overhead pressure on the market, and won't be oversold until the end of the day.
So, we could just trade like this for a few hours and sell off hard into the afternoon session. Next stop… 111.30 spy. Here's the daily chart too… if that doesn't spell disaster for next week, I don't know what will.
Sounds good too me Ben… I'm with you on that call. I think a lot of Bulls are going to be surprised next week.
Red……are you having fun yet?
Take notice of the cash spx monthly chart and note the 20 month MA
it worked or was touched upon 5 or 6 times (in other words it worked) in 05-07 (support) and acted as resistance once in 08
So my educated guess is that next week opx for June (along with all the European problems- I heard that German unions will go on stirke?) that the $SPX will test the 20 month MA (Bollinger Bands) now at 990.
Just a logical, educated guess.
Gold should bounce here.
It's looking pretty.
Still more down coming…
We are now putting in a nice bear flag on the 15 minute chart. We could continue this sideways movement until the MACD works off some of oversold conditions. It may take an hour or two? It's hard to know for sure how, because I don't know how many of these 15 minute bars are needed before another flush down will happen?
http://stockcharts.com/def/servlet/Favorites.CS…
I doubt that it will make it back above the zero line and into positive territory, as I expect it to just inch up close too it, and then fall back down. The 60 minute chart is still putting huge overhead pressure on the market, and won't be oversold until the end of the day.
http://stockcharts.com/def/servlet/Favorites.CS…
So, we could just trade like this for a few hours and sell off hard into the afternoon session. Next stop… 111.30 spy. Here's the daily chart too… if that doesn't spell disaster for next week, I don't know what will.
http://stockcharts.com/def/servlet/Favorites.CS…
guess maybe gold won't hold up after all.
9:30 CST Print 60 Min
http://www.flickr.com/photos/47091634@N04/46060…
Bulls trying to avoid castration…..
looks like you could be right.
Euro crumbling.
I am up nicely, but people are bullish. I'm not covering anything yet. Maybe some as the double bottom approaches.