Hmmm…. either they are clearing out stops (for those long) or they plan to go down to 1335 ES first, and then rally up. I take that back on being a good long position. I’d sit on the sidelines and only go long if we hit the 1335 support area, or go short if we rally all day and work off the oversold conditions on the short term charts.
Based on what I see in the charts currently the ES Futures could drop to the 1335 support area, but the Dow is already at support. The SPX could drop to the 1337 area to find its’ support. However, the 4h, 2h, and 60min charts on the ES are oversold currently which means that we should rally up some today.
The SPX only has the 60min chart oversold as it’s lagging behind the ES. The 4h and 2h chart still has room to go down lower. This implies that a rally up today should provide a nice entry to short for the move down to the 1337 area.
Both daily charts on the ES and the SPX are rolling over and will put pressure on any rally up. The only wildcard here is “if” the low volume allows them the rally up and put in a higher high then the previous 1375 level. If so then the move down to the 1335-1337 area will be invalid.
The strength of this rally should determine if this is just a bounce to be shorted or the end of a 4th wave down with a 5th wave up to new highs still to come. For now it’s good for a long position, but how high is unknown.
Yes, I saw Federer won. His first grand slam title in awhile. He was predicted to be in the French Open Final in Le Carre’s Our Kind of Traitor but I guess LeCarre’s crystal ball was a little foggy and he meant Wimbledon instead. After all,we have our merger of equal gangstas, self-takeover taking place later in the week which was when our poor money laundering hero Dima was forced to signover the papers of his business(Arena Global Trading) officially to the Prince. Haven’t checked to see if the merger takes place in London or Switzerland. (Berne Switzerland in the book)
But I guess for literary sakes, Paris makes for a much more exotic, thrilling setting than London especially when all of the principals (minus Dima and the Prince) are British.
What has happened to the red tool bar? I am losing my incentive to post without that thing around.
Don’t know about the TVIX print as I never seen it? I think you can send personal messages on Twitter but I haven’t really tried. I rarely use it… or FaceBook.
Yeah, it could go higher. What about this fake print? On tvix? Is it valid? And by the way, can you send personal tweets now on twitter, to an individual member, instead of a bulk tweet?
So WB, what’s your thoughts on this coming week? Up, Down, Sideways? I haven’t had time to study the charts yet, or write a new post, but based on what I seen Friday there appears to be one more push higher still left.
my chart analysis shows is it as a BUY. The VIX should see about 25 by next week, which put TVIX at about 9ish or so. However, the FP of 11.11 shows something bizzare to hit us. Just wondering.
Hmmm…. either they are clearing out stops (for those long) or they plan to go down to 1335 ES first, and then rally up. I take that back on being a good long position. I’d sit on the sidelines and only go long if we hit the 1335 support area, or go short if we rally all day and work off the oversold conditions on the short term charts.
Based on what I see in the charts currently the ES Futures could drop to the 1335 support area, but the Dow is already at support. The SPX could drop to the 1337 area to find its’ support. However, the 4h, 2h, and 60min charts on the ES are oversold currently which means that we should rally up some today.
The SPX only has the 60min chart oversold as it’s lagging behind the ES. The 4h and 2h chart still has room to go down lower. This implies that a rally up today should provide a nice entry to short for the move down to the 1337 area.
Both daily charts on the ES and the SPX are rolling over and will put pressure on any rally up. The only wildcard here is “if” the low volume allows them the rally up and put in a higher high then the previous 1375 level. If so then the move down to the 1335-1337 area will be invalid.
The strength of this rally should determine if this is just a bounce to be shorted or the end of a 4th wave down with a 5th wave up to new highs still to come. For now it’s good for a long position, but how high is unknown.
Crude oil support and resistance levels:
http://niftychartsandpatterns.blogspot.in/2012/07/crude-oil-support-and-resistance-levels.html
Yes, I saw Federer won. His first grand slam title in awhile. He was predicted to be in the French Open Final in Le Carre’s Our Kind of Traitor but I guess LeCarre’s crystal ball was a little foggy and he meant Wimbledon instead. After all,we have our merger of equal gangstas, self-takeover taking place later in the week which was when our poor money laundering hero Dima was forced to signover the papers of his business(Arena Global Trading) officially to the Prince. Haven’t checked to see if the merger takes place in London or Switzerland. (Berne Switzerland in the book)
But I guess for literary sakes, Paris makes for a much more exotic, thrilling setting than London especially when all of the principals (minus Dima and the Prince) are British.
What has happened to the red tool bar? I am losing my incentive to post without that thing around.
Don’t know about the TVIX print as I never seen it? I think you can send personal messages on Twitter but I haven’t really tried. I rarely use it… or FaceBook.
Yeah, it could go higher. What about this fake print? On tvix? Is it valid? And by the way, can you send personal tweets now on twitter, to an individual member, instead of a bulk tweet?
So WB, what’s your thoughts on this coming week? Up, Down, Sideways? I haven’t had time to study the charts yet, or write a new post, but based on what I seen Friday there appears to be one more push higher still left.
I was pretty certain that Andy Murray, would prevail at Wimbledon with the Queens Jubilee year and all that, but no, the King, Federer did. Hmmm.
my chart analysis shows is it as a BUY. The VIX should see about 25 by next week, which put TVIX at about 9ish or so. However, the FP of 11.11 shows something bizzare to hit us. Just wondering.
SPX Weekend update:
http://niftychartsandpatterns.blogspot.in/2012/07/s-500-weekend-update.html