Looks like an “inverted H&S” pattern with this mornings low being the head with the left shoulder on 11/9. That leave the right shoulder for today into the close…
Maybe, but notice how often they have several days in a tight zone and then breakout to the upside for one day to clear out all the stops… I think the same will happen here with tomorrow being like 11/1
Speaking of which, the day after the meeting (that is again, just a rehash of October’s meeting) we see Bernanke at another meeting…
November 15
Speech–Chairman Ben S. BernankeHousing and Mortgage MarketsAt the HOPE Global Financial Dignity Summit, Atlanta, Georgia1:20 p.m. ET
I wonder if the market doesn’t wait to hear what he says there… especially since it’s on a subject of importance (housing).
The fact that all the short term charts will have had enough time to work off all their oversold conditions and become overbought by Thursday at 1:20pm certainly sets up the market for a big sell off if Bernanke doesn’t say something they want to hear.
At this point I think we’d discover when to short the market… 1:19pm, EST on Thursday, November 15th.
The FOMC meeting is the 14th (tomorrow) but it’s just minutes from the prior meeting last October, so I’m not expecting anything new from it. But, sometimes traders still have a habit of waiting to see what is said at the meeting and that could keep the market up tomorrow.
sounds, pretty much, like a repeat of today
Looks like an “inverted H&S” pattern with this mornings low being the head with the left shoulder on 11/9. That leave the right shoulder for today into the close…
Maybe, but notice how often they have several days in a tight zone and then breakout to the upside for one day to clear out all the stops… I think the same will happen here with tomorrow being like 11/1
Thats a classic POP AND DROP DAY. Mercury retrograde time. Great for swing trading.
We may chop, but i think that’s the high we’ll get until we really break down
A little clearer on the ES chart…
http://screencast.com/t/Hjh3kbc8
lol. down to the minute? a lot of time’s they’ll chop after he speaks, to fool you, and then collapse the next day
Market too weak to hold rising support line and fell to backtest former resistance…
http://screencast.com/t/yQQzWLKZm3I
Speaking of which, the day after the meeting (that is again, just a rehash of October’s meeting) we see Bernanke at another meeting…
November 15
Speech–Chairman Ben S. BernankeHousing and Mortgage MarketsAt the HOPE Global Financial Dignity Summit, Atlanta, Georgia1:20 p.m. ET
I wonder if the market doesn’t wait to hear what he says there… especially since it’s on a subject of importance (housing).
The fact that all the short term charts will have had enough time to work off all their oversold conditions and become overbought by Thursday at 1:20pm certainly sets up the market for a big sell off if Bernanke doesn’t say something they want to hear.
At this point I think we’d discover when to short the market… 1:19pm, EST on Thursday, November 15th.
The FOMC meeting is the 14th (tomorrow) but it’s just minutes from the prior meeting last October, so I’m not expecting anything new from it. But, sometimes traders still have a habit of waiting to see what is said at the meeting and that could keep the market up tomorrow.
http://federalreserve.gov/whatsnext.htm