If I recall correctly the odds of an “all down day” are 90% when the market gaps down and makes lower lows during the first 1 1/2 hours to 2 hours of the day. This is the period when the heavy trading happens just like the last 2 hours of the day is too.
So, the failure to carve out a bottom in the morning and make higher lows leads to the day staying down near the lows all day long. The bulls must make that higher low to climb out of the bear hole they are in…
If I recall correctly the odds of an “all down day” are 90% when the market gaps down and makes lower lows during the first 1 1/2 hours to 2 hours of the day. This is the period when the heavy trading happens just like the last 2 hours of the day is too.
So, the failure to carve out a bottom in the morning and make higher lows leads to the day staying down near the lows all day long. The bulls must make that higher low to climb out of the bear hole they are in…
Yes… of course I don’t expect that next year, but it could be the bottom after a 4 year bear market that starts in 2013.
What a relief . Closed early on assuming chop, DOW 4,000. 2013 should make most bears nice and stuffed
The future we have to look forward….
http://reddragonleo.com/wp-content/uploads/2010/08/Dow4000.jpg
That 100 dma is pretty important for the bears…
SPY Support levels: http://niftychartsandpatterns.blogspot.in/2012/11/spy-support-levels.html
If all goes well for the bears we’ll chop sideways most of the day making a bear flag. Then drop into the close… hopefully.
The DOW just pierced the rising trendline of support from March, 2009…
http://screencast.com/t/BUZedBrUfe
Good Morning gang… looks like Lucifer got re-elected, not that it mattered.
The key today is to break the 1402.50-1405.00 area on the ES… then we should see some real selling.
Crude oil chart update: http://niftychartsandpatterns.blogspot.in/2012/11/crude-oil-chart-update.html