The bulls are just too strong right now it seems. Unless they drop hard into the close today I wouldn’t thinking about shorting until Monday now. I expected more resistance at the 1370 spx area, but the bears laid down and fell asleep there I guess.
Bernanke speaks next week on Wednesday, August the 1st so I’m not expecting much of a down move on Monday now. It’s looking more and more like they are just going straight up to that 1405-1415 area without stopping for a breather… LOL!
I guess I should have known that the bulls would breakthrough the 1270 SPX area as the DOW was just too close to 13,000 and you know how big even numbers are like a magnetic for the market. So, it’s rare that they get so close to a number that important and not touch it.
Well, we’ve now hit a high of 13,001.19 on the DOW and still climbing. What would be a signal to short would be a ritual number close like 12,999… or “666” upside. Or the SPY or SPX closing with some ritual “eleven’s” in them.
Again, let’s wait until closer to the end of the day before deciding on shorting or not. A close near the top means Monday will also go a little high at the open at least… before rolling over. A sell off into the close where there is some type of topping tail would indicate that the high is put in today and a short could be taken. For now, just be cautious as the bulls are still too strong.
Hmmm…. this market is a little stronger then I expected. I thought it would lose steam around the 1370 area and rollover but it’s still going strong. I’d wait until closer to the close before shorting now and “if” they close near the highs without putting in some type of topping tail then I’d wait until Monday to short.
I still think we are completing a 5th wave up inside an A wave, but it’s a pretty strong wave right now and I’d rather let it play itself out before shorting. I need to see a “topping tail” close on a daily chart to feel more safe about shorting.
Here’s the update for today. Looking at the charts now I think the high will be put in near the open this morning. The market should rollover within the first hour or two. I’m not expecting a big down day but a slightly down day or doji (more like a “topping tail” close) is likely.
This move up this morning should complete the 5th wave up inside a larger A wave up. The B wave down should start today and continue into Monday. This B wave down could only last one day though and turn back up on Tuesday/Wednesday for a C wave that should take us up to the 1405-1415 spx area.
This all assumes the Illuminati pigs don’t kill a bunch of innocent people with some staged False Flag event over this weekend when the Olympics start. I personally don’t think they will but we still have to keep that in the back of our minds.
Now, what position would I take? Since there is also the possibility that I’m wrong on the rally back up to the 1405-1415 spx area for the C wave later next week I think it would be wise to take a short position that you can hold over the weekend. Again, I think we are about to open and drop within the first hour or less.
They could dip at the open and then turn back up later in the day to fool the bears but today still seems like the best day to get short on. You may have to ride out a little more upside but so far Monday is looking like a down day.
If I’m wrong the C wave up then being short into Monday will simply mean that it will be the start of some other “down” wave (not a B wave) which means you would have gotten short near the top.
Looking at the 4h, 2h, and 60m charts on the SPX I can clearly see a nice “MA” pattern forming, which means that the next leg down (that I’m thinking is only a B wave) could be the “right side” of the “A” in the “MA” pattern… which indicates a move down equal to at least double the previous 51 points down.
Getting short sometime today makes the most sense to me, as I’m seeing a top for this current move up happening now. The 1370 SPX area is tough resistance and should hold the bulls back on the first hit.
Cup and Handle pattern forming on the 15 minute chart now. This implies a move higher for the 5th wave up. However, it might not happen until tomorrow.
The bulls are just too strong right now it seems. Unless they drop hard into the close today I wouldn’t thinking about shorting until Monday now. I expected more resistance at the 1370 spx area, but the bears laid down and fell asleep there I guess.
Bernanke speaks next week on Wednesday, August the 1st so I’m not expecting much of a down move on Monday now. It’s looking more and more like they are just going straight up to that 1405-1415 area without stopping for a breather… LOL!
EURUSD Chart update:
http://niftychartsandpatterns.blogspot.in/2012/07/eurusd-chart-update.html
I guess I should have known that the bulls would breakthrough the 1270 SPX area as the DOW was just too close to 13,000 and you know how big even numbers are like a magnetic for the market. So, it’s rare that they get so close to a number that important and not touch it.
Well, we’ve now hit a high of 13,001.19 on the DOW and still climbing. What would be a signal to short would be a ritual number close like 12,999… or “666” upside. Or the SPY or SPX closing with some ritual “eleven’s” in them.
Again, let’s wait until closer to the end of the day before deciding on shorting or not. A close near the top means Monday will also go a little high at the open at least… before rolling over. A sell off into the close where there is some type of topping tail would indicate that the high is put in today and a short could be taken. For now, just be cautious as the bulls are still too strong.
Hmmm…. this market is a little stronger then I expected. I thought it would lose steam around the 1370 area and rollover but it’s still going strong. I’d wait until closer to the close before shorting now and “if” they close near the highs without putting in some type of topping tail then I’d wait until Monday to short.
I still think we are completing a 5th wave up inside an A wave, but it’s a pretty strong wave right now and I’d rather let it play itself out before shorting. I need to see a “topping tail” close on a daily chart to feel more safe about shorting.
Gold chart update:
http://niftychartsandpatterns.blogspot.in/2012/07/gold-chart-update.html
Good Morning Gang…
Here’s the update for today. Looking at the charts now I think the high will be put in near the open this morning. The market should rollover within the first hour or two. I’m not expecting a big down day but a slightly down day or doji (more like a “topping tail” close) is likely.
This move up this morning should complete the 5th wave up inside a larger A wave up. The B wave down should start today and continue into Monday. This B wave down could only last one day though and turn back up on Tuesday/Wednesday for a C wave that should take us up to the 1405-1415 spx area.
This all assumes the Illuminati pigs don’t kill a bunch of innocent people with some staged False Flag event over this weekend when the Olympics start. I personally don’t think they will but we still have to keep that in the back of our minds.
Now, what position would I take? Since there is also the possibility that I’m wrong on the rally back up to the 1405-1415 spx area for the C wave later next week I think it would be wise to take a short position that you can hold over the weekend. Again, I think we are about to open and drop within the first hour or less.
They could dip at the open and then turn back up later in the day to fool the bears but today still seems like the best day to get short on. You may have to ride out a little more upside but so far Monday is looking like a down day.
If I’m wrong the C wave up then being short into Monday will simply mean that it will be the start of some other “down” wave (not a B wave) which means you would have gotten short near the top.
Looking at the 4h, 2h, and 60m charts on the SPX I can clearly see a nice “MA” pattern forming, which means that the next leg down (that I’m thinking is only a B wave) could be the “right side” of the “A” in the “MA” pattern… which indicates a move down equal to at least double the previous 51 points down.
Getting short sometime today makes the most sense to me, as I’m seeing a top for this current move up happening now. The 1370 SPX area is tough resistance and should hold the bulls back on the first hit.
http://screencast.com/t/ShjOPtAc9gr
ES Resistance levels:
http://niftychartsandpatterns.blogspot.in/2012/07/s-500-futures-chart-analysis_27.html
SPX Analysis after close:
http://niftychartsandpatterns.blogspot.in/2012/07/s-500-analysis-after-closing-bell_27.html
Cup and Handle pattern forming on the 15 minute chart now. This implies a move higher for the 5th wave up. However, it might not happen until tomorrow.
Possible target for this 4th wave down…
http://screencast.com/t/mZptYhhs