Looks like the bulls are dragging this out and will likely wait until tomorrow before moving down 20-40 points. After it happens there should be one more rally back up which should take out this current high and get close to 1650 SPX.
Remember the old saying that the gang at “Mr TopStep” likes to quote… “the low is usually put in the Thursday or Friday prior to option expiration”. Tomorrow and Friday therefore should put in the low and then the week of option expiration (next week) they rally it back up to make those put holders expire worthless.
This is common manipulation by the gangsters as they don’t want to pay out any money to call holders or put holders. So they have to shake out the call holders with a move down quickly and then shake out the put holders the next week with a slow grind back up.
The likely downside target is the 1600 area where the market broke out from. There is the gap fill area at 1597 which really should be filled, but of course there’s no guarantee on that. Maybe we only dip to 1610 or so? I don’t know the downside target but tomorrow now seems like the best date for it to happen.
Funny how many bulls are out there now and how many bear blogs are dead. Rest assured that this is NOT the start of a new bull market. After this coming 20-40 point drop and then the following last rally back up (target still 1630-1650 spx) we will see the bear return.
How do I know this? My “bear blog” is dead and so is every other bear blog. They always die as the market tops and this is no exception. The market is rigged to make you go long at the top and short at the bottom. There will likely be one more move up but this bull is almost dead… mark my words on that.
Looks like a boring day gang. But I think we’ve met some type of short term top. I’d think we could see a move down to fill the gap around 1597 SPX here soon. It could start later today and carry over into Wednesday. Once hit it should provide support and allow for one more move back up to 1630-1650 to complete the high for this year.
I thought we might have done it today but it looks like it’s not going to happen. So it’s going to push out the time table a little I guess but all is still lining up nicely for the coming Legatus meeting to be the start of the really big move down.
That’s “ProphetCharts” from inside my Ameritrade account. They offer both “ThinkOrSwim” and “ProphetCharts” and although I showed you the PC in the video I also use the TOS charts too.
New FP on the SPY… possible final upside target for Thursday, May 9th.
http://screencast.com/t/HZjCzwDJa
Looks like the bulls are dragging this out and will likely wait until tomorrow before moving down 20-40 points. After it happens there should be one more rally back up which should take out this current high and get close to 1650 SPX.
Remember the old saying that the gang at “Mr TopStep” likes to quote… “the low is usually put in the Thursday or Friday prior to option expiration”. Tomorrow and Friday therefore should put in the low and then the week of option expiration (next week) they rally it back up to make those put holders expire worthless.
This is common manipulation by the gangsters as they don’t want to pay out any money to call holders or put holders. So they have to shake out the call holders with a move down quickly and then shake out the put holders the next week with a slow grind back up.
The likely downside target is the 1600 area where the market broke out from. There is the gap fill area at 1597 which really should be filled, but of course there’s no guarantee on that. Maybe we only dip to 1610 or so? I don’t know the downside target but tomorrow now seems like the best date for it to happen.
GOOGLE Resistance line and Divergence: http://niftychartsandpatterns.blogspot.in/2013/05/google-resistance-line-and-divergence.html
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/05/es-chart-analysis_8.html
Funny how many bulls are out there now and how many bear blogs are dead. Rest assured that this is NOT the start of a new bull market. After this coming 20-40 point drop and then the following last rally back up (target still 1630-1650 spx) we will see the bear return.
How do I know this? My “bear blog” is dead and so is every other bear blog. They always die as the market tops and this is no exception. The market is rigged to make you go long at the top and short at the bottom. There will likely be one more move up but this bull is almost dead… mark my words on that.
I see a move down coming tomorrow gang… I’d guess a minimum of 20 points and maximum of 40 points.
FACEBOOK Chart update: http://niftychartsandpatterns.blogspot.in/2013/05/facebook-chart-update_7.html
Looks like a boring day gang. But I think we’ve met some type of short term top. I’d think we could see a move down to fill the gap around 1597 SPX here soon. It could start later today and carry over into Wednesday. Once hit it should provide support and allow for one more move back up to 1630-1650 to complete the high for this year.
I thought we might have done it today but it looks like it’s not going to happen. So it’s going to push out the time table a little I guess but all is still lining up nicely for the coming Legatus meeting to be the start of the really big move down.
That’s “ProphetCharts” from inside my Ameritrade account. They offer both “ThinkOrSwim” and “ProphetCharts” and although I showed you the PC in the video I also use the TOS charts too.
GOLD Chart analysis: http://niftychartsandpatterns.blogspot.in/2013/05/gold-long-shadow-of-weekly-candle.html