Based on today being Wednesday, which has odds of only 7% being the high or low for any given week, I have to speculate that we’ll drop one more time (Thursday morning I’d guess) before we rally back up. Lot’s of support in the 2098-2108 SPX zone from various daily moving averages. So if we drop tomorrow morning I’d be a bull.
While there is an obvious bear flag on the SPY now with such extremely low volume I’m not sure if it will play out or not? It’s resting on a trendline of support (and gap window), so while I’d love to see a gap fill I’m certainly not counting on it.
This actually looks like a small wave 4 down with Monday ending the wave 3 up. This leaves another wave up (wave 5) to make a higher high (then Monday) to end this 5 wave advance from the 2050 zone starting point.
I suspect we’ll make a new higher high (maybe 2140 SPX?) but not positive on that. Lots of times they trick the bulls by getting really close and then stopping. If so then we’d complete a 5 wave series up and allow for a ABC (larger wave 2 down) pullback to happen.
Then we’ll see if this bulls’ really got legs or not, as the next wave up would be a larger wave 3 (that would have 5 smaller waves inside it) that could take us to around 2200 SPX. I don’t think the bear case is dead but instead it just “appears” the bulls want to go a little higher before they quit and allow for a nice drop sometime in August to late September.
RDL
This is still a start to this project.
Hoping to figure out a time pattern on these weekly number to better set up Swing trades and figuring movement in sectors.
One sector watching & studying is Copper for LONG long term safety trading. Putting on watch to trade LONG on upward swings is BRSS, COPX, CU…they have higher BETA which I like for Swing trading.
To extend on about above Futures study, I’m seeing/looking at NASDAQ & stocks within that sector as the best for SHORTING at this time.
ANY thoughts from anyone on this would be greatly appreciated!!!!
SPY Update: http://screencast.com/t/mp3EhMe0kp
ES Futures Update: http://screencast.com/t/yuPtLWY7O If we close around 2100 today (Friday) I’d have to be bearish for Monday.
Charts just aren’t lining up yet for a nice move up and they aren’t bearish enough to drop hard.
sooo many goofballs coming out trying to make statements to cover both sides…..trying to call this market one tough job!
Based on today being Wednesday, which has odds of only 7% being the high or low for any given week, I have to speculate that we’ll drop one more time (Thursday morning I’d guess) before we rally back up. Lot’s of support in the 2098-2108 SPX zone from various daily moving averages. So if we drop tomorrow morning I’d be a bull.
Thursday and Friday are bullish for this week so the low could be in now.
While there is an obvious bear flag on the SPY now with such extremely low volume I’m not sure if it will play out or not? It’s resting on a trendline of support (and gap window), so while I’d love to see a gap fill I’m certainly not counting on it.
This actually looks like a small wave 4 down with Monday ending the wave 3 up. This leaves another wave up (wave 5) to make a higher high (then Monday) to end this 5 wave advance from the 2050 zone starting point.
I suspect we’ll make a new higher high (maybe 2140 SPX?) but not positive on that. Lots of times they trick the bulls by getting really close and then stopping. If so then we’d complete a 5 wave series up and allow for a ABC (larger wave 2 down) pullback to happen.
Then we’ll see if this bulls’ really got legs or not, as the next wave up would be a larger wave 3 (that would have 5 smaller waves inside it) that could take us to around 2200 SPX. I don’t think the bear case is dead but instead it just “appears” the bulls want to go a little higher before they quit and allow for a nice drop sometime in August to late September.
ES Update: http://screencast.com/t/oLaj735QpBMb
RDL
This is still a start to this project.
Hoping to figure out a time pattern on these weekly number to better set up Swing trades and figuring movement in sectors.
One sector watching & studying is Copper for LONG long term safety trading. Putting on watch to trade LONG on upward swings is BRSS, COPX, CU…they have higher BETA which I like for Swing trading.
To extend on about above Futures study, I’m seeing/looking at NASDAQ & stocks within that sector as the best for SHORTING at this time.
ANY thoughts from anyone on this would be greatly appreciated!!!!
HAPPY TRADING
$Doug Out!
Thanks Doug… great update.