I didn’t think they would gap the market down two weekends in a row. They filled the gap pretty quickly and by the close today the SP was at last Thursday’s levels. Meanwhile, a certain little indicator, the Nasdaq version, keeps on getting more negative even with today’s rally and decent action last Thursday, playing catchup to the NYSE version which coincidentally rallied up to near its 0 line today. I thought they would the hold the market up until the moon entered Aries which it has now done and coincidentally we are seeing meltdowns in the market(across all continents). The plot twist they used was to get the market with the news that the Greek Finance minister/ actor was resigning.
Finally got the up I seen in the Futures yesterday. But it should looked ugly this morning. Now I guess we are going up toward that 2090-2100 SPX zone as I previously thought.
Eurozone leaders are locked in an emergency summit tonight that will, most likely, determine Greece’s future in the eurozone… so you can blame this rally on that I guess? Funny how well timed all this news is… LOL.
Of course if nothing good comes out of it then down we go again…
Yes, very tricky right now. And how convenient is it that stockcharts was down yesterday for several hours and today some of Ameritrades charts aren’t working.
Famous Whipsaw Wednesday that happens during options X week is just like this day. They going to trick trick trick to suck as much possible $$$ out of traders as the Time Factor works to finally show direction!
Looks like the bullish setup I seen yesterday used up all it’s juice in the afterhours and premarket session and actually got overbought by the open… LOL! I’m so used to “them” screwing the bears by taking an overbought chart (on the futures) and getting it oversold the next morning to prevent a drop in the SPX Cash that it fooled me.
Too many times in the past the SPX Cash would get very overbought and look like it was ready to drop hard the next day but “they” would used the ES Futures to prevent the drop. It was common policy to drive the overbought futures into oversold territory afterhours that by the open the next day it didn’t have anymore room down to go.
Then they would fight each other as the SPX wanted to drop while the Futures wanted to go up. In the end you’d have a choppy day that frustrated the bears because it wouldn’t tank big and got the bulls angry too as it wouldn’t go up huge either. But it looks like that old pattern is now reversing.
Now I see choppy Wednesday and a flush out move on Thursday. Then chop on Friday to trick the bulls and the bears with “indecision”. Historically next week should be a bullish week since it’s option expiration week. However, if we close this week with a break of the rising trendline of support from 2011 I think we’ll drop hard next week and fool all the bulls.
A closing break of that blue trendline should trigger hedge funds and mutual funds to hit the “sell” button in my opinion. So past “bullish option expiration” stat’s won’t likely hold up this go around. If they hold that line then “possibly” the low this week will end it? But the monthly chart suggests more downside is still coming and that weekly chart doesn’t look bottomed to me yet.
Amazing how bullish the ES Futures where yesterday and now they are all just as bearish. Only the SPX Cash is holding back a very large drop. It wants to go up from oversold conditions but the futures are really pushing down hard right now.
Market looks weak this morning. They might have used up all their bull juice last night after hours? Still could go up but not a strong as I seen in the charts yesterday. Better to watch for now.
I didn’t think they would gap the market down two weekends in a row. They filled the gap pretty quickly and by the close today the SP was at last Thursday’s levels. Meanwhile, a certain little indicator, the Nasdaq version, keeps on getting more negative even with today’s rally and decent action last Thursday, playing catchup to the NYSE version which coincidentally rallied up to near its 0 line today. I thought they would the hold the market up until the moon entered Aries which it has now done and coincidentally we are seeing meltdowns in the market(across all continents). The plot twist they used was to get the market with the news that the Greek Finance minister/ actor was resigning.
Finally got the up I seen in the Futures yesterday. But it should looked ugly this morning. Now I guess we are going up toward that 2090-2100 SPX zone as I previously thought.
Eurozone leaders are locked in an emergency summit tonight that will, most likely, determine Greece’s future in the eurozone… so you can blame this rally on that I guess? Funny how well timed all this news is… LOL.
Of course if nothing good comes out of it then down we go again…
Yes, very tricky right now. And how convenient is it that stockcharts was down yesterday for several hours and today some of Ameritrades charts aren’t working.
Famous Whipsaw Wednesday that happens during options X week is just like this day. They going to trick trick trick to suck as much possible $$$ out of traders as the Time Factor works to finally show direction!
Looks like the bullish setup I seen yesterday used up all it’s juice in the afterhours and premarket session and actually got overbought by the open… LOL! I’m so used to “them” screwing the bears by taking an overbought chart (on the futures) and getting it oversold the next morning to prevent a drop in the SPX Cash that it fooled me.
Too many times in the past the SPX Cash would get very overbought and look like it was ready to drop hard the next day but “they” would used the ES Futures to prevent the drop. It was common policy to drive the overbought futures into oversold territory afterhours that by the open the next day it didn’t have anymore room down to go.
Then they would fight each other as the SPX wanted to drop while the Futures wanted to go up. In the end you’d have a choppy day that frustrated the bears because it wouldn’t tank big and got the bulls angry too as it wouldn’t go up huge either. But it looks like that old pattern is now reversing.
Now I see choppy Wednesday and a flush out move on Thursday. Then chop on Friday to trick the bulls and the bears with “indecision”. Historically next week should be a bullish week since it’s option expiration week. However, if we close this week with a break of the rising trendline of support from 2011 I think we’ll drop hard next week and fool all the bulls.
http://stockcharts.com/public/1092905/chartbook/312846787
A closing break of that blue trendline should trigger hedge funds and mutual funds to hit the “sell” button in my opinion. So past “bullish option expiration” stat’s won’t likely hold up this go around. If they hold that line then “possibly” the low this week will end it? But the monthly chart suggests more downside is still coming and that weekly chart doesn’t look bottomed to me yet.
Looks like we are going to retest the 204.52 SPY low from the Sunday night futures session.
Amazing how bullish the ES Futures where yesterday and now they are all just as bearish. Only the SPX Cash is holding back a very large drop. It wants to go up from oversold conditions but the futures are really pushing down hard right now.
Market looks weak this morning. They might have used up all their bull juice last night after hours? Still could go up but not a strong as I seen in the charts yesterday. Better to watch for now.
Commercial Traders “High % of the time” point to what going to happen weeks out, that being said they point to be Flat.
http://www.cftc.gov/MarketReports/CommitmentsOfTraders/Index.htm
For next few days, it looks like an upward move, but not a big run as Charts, signals & time point to that.
Here is what I use to see S/R during that time:
http://www.stockta.com/cgi-bin/analysis.pl?symb=SPY&cobrand=&mode=stock
Meaning? Explain your thinking on it as to what the market should do tomorrow… like rally (I’m assuming).