Likely a gap down (or open flat and go down) that puts in a lower low within the first 1-2 hours of the day. Then a reversal into the close to recapture the 1415.73 50dma and/or the 100dma at 1414.73 SPX.
How low it goes is anyone’s guess? The 200dma is at 1387.25 if they really want to scare the bulls, but the 20dma at 1404.38 seems more reasonable of a target. I don’t know where they will take it to as the FP on the SPY of 142.03 could also the be low. I would only expect that if they didn’t gap down and simply opened flat, as that’s only about 1415 on the SPX.
A move like that wouldn’t break the rising trendline on the SPX from the 5/18/2012 low of 1292 which is pretty important to the bulls I believe. More then anything you have too note that the volume today was very light and the move down was very controlled. The holidays are next week too, so we’re not likely to get too much more bear food.
Then there’s the old saying that the low for the market is put in on the Thursday or Friday the week before options expiration (next Friday the 21st). With all the evidence I see I think the move down tomorrow morning will be short lived and a buying opportunity for the bulls. I’ll be looking to exit my shorts and go long into next week.
Yes, I hurried up to type it before some of my bears panicked and sold their shorts. I wanted them to be able to make a educated decision based on the charts and past patterns within those charts… and not make an emotional decision.
RIMM Chart analysis: http://niftychartsandpatterns.blogspot.in/2012/12/rimm-chart-analysis.html
lol… nvm… don’t know why I didn’t add the one for a sec
Where? I don’t see it.
c lose on the spy- 666
S&P 500 Analysis after closing bell: http://niftychartsandpatterns.blogspot.in/2012/12/s-500-analysis-after-closing-bell_14.html
What I expect for tomorrow…
Likely a gap down (or open flat and go down) that puts in a lower low within the first 1-2 hours of the day. Then a reversal into the close to recapture the 1415.73 50dma and/or the 100dma at 1414.73 SPX.
How low it goes is anyone’s guess? The 200dma is at 1387.25 if they really want to scare the bulls, but the 20dma at 1404.38 seems more reasonable of a target. I don’t know where they will take it to as the FP on the SPY of 142.03 could also the be low. I would only expect that if they didn’t gap down and simply opened flat, as that’s only about 1415 on the SPX.
A move like that wouldn’t break the rising trendline on the SPX from the 5/18/2012 low of 1292 which is pretty important to the bulls I believe. More then anything you have too note that the volume today was very light and the move down was very controlled. The holidays are next week too, so we’re not likely to get too much more bear food.
Then there’s the old saying that the low for the market is put in on the Thursday or Friday the week before options expiration (next Friday the 21st). With all the evidence I see I think the move down tomorrow morning will be short lived and a buying opportunity for the bulls. I’ll be looking to exit my shorts and go long into next week.
Good Luck…
Yes, I hurried up to type it before some of my bears panicked and sold their shorts. I wanted them to be able to make a educated decision based on the charts and past patterns within those charts… and not make an emotional decision.
and the good thing is, you released this information before the market closed!
Nice insight!
Just how long is that movie anyways?
red dawn 2012 movie @ 3hr 7 min fast ford to 3hr 7 min mark.
this seems like another way the bankstas could go.
http://www.justin.tv/winning_movies_221/b/347535622