I doubt if this rally is over with yet. A necktie of support like the 1370 area should produce a rally from it for several days. I think we’ll peak on Thursday and then drop again.
I’d have to go back and rewatch the technical update I did a few days ago (as I forgot what I said) but I think I pointed out this 1370 SPX area as the likely bounce spot due to the necktie of support from a rising trendline and a horizontal trendline
Done for the day- Thanks for the chart update Red, certainly came in handy. Think I’m just going to sit in cash until Thursday now
ES update: http://niftychartsandpatterns.blogspot.in/2012/11/es-update.html
I am going to try and short this at 1388.48 level for at least a small wave down.
I doubt if this rally is over with yet. A necktie of support like the 1370 area should produce a rally from it for several days. I think we’ll peak on Thursday and then drop again.
Another POP and Drop today.
I’d have to go back and rewatch the technical update I did a few days ago (as I forgot what I said) but I think I pointed out this 1370 SPX area as the likely bounce spot due to the necktie of support from a rising trendline and a horizontal trendline
SPX update…
http://screencast.com/t/SwifY5wQel
ES update…
http://screencast.com/t/b5VYxzH2uEz
And the bear market resumes!
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2012/11/s-500-futures-chart-analysis_13.html