European markets dropped hard overnight with the big ones closing below their lower BBs. The $ftse looks really ominous dropping way below its lower BB.
The US indices dropped down to their weekly BBs and bounced.
Today’s bar is very similar to a bar seen during the late July-early August mini panic with a certain little indicator in the same area although it’s component bounced today unlike then but it then gives us enough firepower to make it to BLACK FRIDAY????
It was a bullish engulfing bar basically but how often have we seen bearish engulfing bars fail during the magic rally from 2009. Plus we got the “positive news” from Congress which hints that this was not the bottom as the slope of hope continues. A hammer bar back in Feb 2010 was accompanied by massive media hysteria over the worsening European situation back at that low.
Interestingly, Athens did nothing basically forming a small range doji bar as if it is waiting on some ominous news over the weekend. They did sell enough bonds earlier in the week apparently to buy back maturing bonds today.
11-19 is a high impact numerology date…..11-19===39…..a Monday the 19th following opex Friday so similar to the situation double 4 years ago (double 5 now) but there were 3 days of increasing big declines leading up to it back then.
A certain little indicator is still in no mans land although it is soon to exit unless the market turns around here.
Looks like we are going to close near the highs for day… shorting isn’t recommended as there is a 90% chance of a “higher high” on Monday. It could be only a slightly higher high and then sell off or a big higher high (maybe from a C wave up?), but then I expect more selling into mid-week.
Those odds are based on a close at the high and that percentage drops if a “tail” is one the top of the candle. The longer the tail, the lower the odds. If we close with a small tail then maybe the odds drop to 70& or so.
Agreed… looks like we might just “pop and drop” at the open as the ES will be nice an overbought on the 2hr, and 60min charts by 9:30am tomorrow.
Looking good so far Red. 132 by midweek will be one nice ride though. I’ll probably do some puts for next week’s expiration
IWM Weekend update: http://niftychartsandpatterns.blogspot.in/2012/11/iwm-weekend-update_19.html
QQQ Weekend update: http://niftychartsandpatterns.blogspot.in/2012/11/qqq-weekend-update_18.html
APPLE Weekend update: http://niftychartsandpatterns.blogspot.in/2012/11/apple-weekend-update_17.html
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=mdbx&insttype=&freq=&show=
Medbox MDBX -90.24% shares surged 3,000% this week
http://www.marketwatch.com/story/marijuana-dispenser-stock-gets-3000-higher-2012-11-16?link=MW_story_latest_news
S&P 500 Analysis after close: http://niftychartsandpatterns.blogspot.in/2012/11/s-500-analysis-after-closing-bell_17.html
European markets dropped hard overnight with the big ones closing below their lower BBs. The $ftse looks really ominous dropping way below its lower BB.
The US indices dropped down to their weekly BBs and bounced.
Today’s bar is very similar to a bar seen during the late July-early August mini panic with a certain little indicator in the same area although it’s component bounced today unlike then but it then gives us enough firepower to make it to BLACK FRIDAY????
It was a bullish engulfing bar basically but how often have we seen bearish engulfing bars fail during the magic rally from 2009. Plus we got the “positive news” from Congress which hints that this was not the bottom as the slope of hope continues. A hammer bar back in Feb 2010 was accompanied by massive media hysteria over the worsening European situation back at that low.
Interestingly, Athens did nothing basically forming a small range doji bar as if it is waiting on some ominous news over the weekend. They did sell enough bonds earlier in the week apparently to buy back maturing bonds today.
11-19 is a high impact numerology date…..11-19===39…..a Monday the 19th following opex Friday so similar to the situation double 4 years ago (double 5 now) but there were 3 days of increasing big declines leading up to it back then.
A certain little indicator is still in no mans land although it is soon to exit unless the market turns around here.
Looks like we are going to close near the highs for day… shorting isn’t recommended as there is a 90% chance of a “higher high” on Monday. It could be only a slightly higher high and then sell off or a big higher high (maybe from a C wave up?), but then I expect more selling into mid-week.
Those odds are based on a close at the high and that percentage drops if a “tail” is one the top of the candle. The longer the tail, the lower the odds. If we close with a small tail then maybe the odds drop to 70& or so.