2013 tax hikes coming in Jan, i think.
could trigger, any fake prints out there showing a 25% drop in the indexes.
just guessing. don’t really know what the tax hikes will do.
Ok gang, from the extremely light volume I’d say that’s about all the downside we are going to it. They refused to let it breakdown through the rising trendline of support. So I’m expect a small move down on Monday but it should quickly reverse back up and head higher into next Friday.
Looking at this old screen shot of “many FP’s” from back on April 10th it’s a strong possibility that they will actually push this pig up to 1419 to finish this rally. Today looked like a 4th wave down as I stated yesterday. That leaves the 5th wave up left for next week. After that I expect a nice drop in this market….
On days were you continue to make a “lower low” during the period between the open and around the 11:00 am to Noon time period there is past history that shows a 70%-80% chance that the day will end near the lows… calling it an “all down day”.
However, with the volume being so light right now I’d be a little shocked if the PPT didn’t come in during the last hour and erase some of the move down. But between now and about 3pm I think we could continue lower… especially since support seems like it’s about to break right now.
2013 tax hikes coming in Jan, i think.
could trigger, any fake prints out there showing a 25% drop in the indexes.
just guessing. don’t really know what the tax hikes will do.
Ok gang, from the extremely light volume I’d say that’s about all the downside we are going to it. They refused to let it breakdown through the rising trendline of support. So I’m expect a small move down on Monday but it should quickly reverse back up and head higher into next Friday.
Looking at this old screen shot of “many FP’s” from back on April 10th it’s a strong possibility that they will actually push this pig up to 1419 to finish this rally. Today looked like a 4th wave down as I stated yesterday. That leaves the 5th wave up left for next week. After that I expect a nice drop in this market….
http://reddragonleo.com/wp-content/uploads/fps-many-fromsgxniftydowfutureslive-dot-com-on-04-10-20122.jpg
SPX Support levels:
http://niftychartsandpatterns.blogspot.in/2012/07/s-500-support-levels.html
Crude oil resistance levels:
http://niftychartsandpatterns.blogspot.in/2012/07/crude-oil-chart-analysis.html
On days were you continue to make a “lower low” during the period between the open and around the 11:00 am to Noon time period there is past history that shows a 70%-80% chance that the day will end near the lows… calling it an “all down day”.
However, with the volume being so light right now I’d be a little shocked if the PPT didn’t come in during the last hour and erase some of the move down. But between now and about 3pm I think we could continue lower… especially since support seems like it’s about to break right now.
Possible FP on the SPY of 136.04…
http://screencast.com/t/ihOsPAIDFWJu
ES Target…
http://screencast.com/t/3apWHhN4Uav
APPLE Chart analysis:
http://niftychartsandpatterns.blogspot.in/2012/07/apple-chart-analysis_20.html
ES Chart update:
http://niftychartsandpatterns.blogspot.in/2012/07/s-500-futures-chart-update.html
Futures down so far. Maybe I’ll get lucky enough to sell at the open