Volume is very light on the SPY, which is usually Bullish. Short term charts are mixed but mostly in the “oversold” area. While they could get more oversold so far I don’t see any evidence that they want to go lower. It’s seems like they are holding the market up at a slightly higher low then the low we had back on Friday.
So, (sadly… as I’m a bear) it’s leaning toward a Bullish morning tomorrow, if not the whole day. I’d give it 70/30 that the market level will be higher then the open within the first couple of hours. How high will determine if this is Scenario A or B?
If they break the 1327 area on the ES then we are clearly going up in a wave 3 inside a larger C wave. This means today’s move down will be similar to the move down on 6/11… a one day event (A wave 2 down inside a 5 wave pattern to make up the C wave up).
On the other hand, if we open weak and struggle to get off the lows for the first several hours of the day then we’ll basically make a bear flag and likely collapse into the close. There is still that FP on the dollar of 86.47 that must be hit (which means the stock market will go much lower) but the question is “when”?
This is a tough call to make right now as the charts can go either way? Plus it looks like we are forming a Head and Shoulders pattern too (on the daily of most ETF’s). But, my gut tells me that they want this market higher, so I’m still thinking that 1370-1385 SPX is still possible over the coming weeks.
Tomorrow is just a wildcard day at this point, and I won’t know more until the first couple of hours. I need to get a feel for the market early on. All ritual “eleven” dates aren’t “down” days, but they need to be focused on when the charts all agree. Right now they don’t all agree, but anything could change between now and tomorrow morning.
About paying for everyone else’s free health care when I can afford my own… Yes I’m happy as a man in a straight jacket with crazy drugs pumped into me!
Are any of you happy with this? 32 million will now have insurance and YOU and I will pay for them via taxes. Special taxes. Is this not Tax and spend? Isn’t that what we’re all against?
Bouncing as expected gang. The ES hit the trendline to the “T” and is rallying from it now. So this sets up either Scenario A or B for tomorrow? Don’t know which yet?
Volume is very light on the SPY, which is usually Bullish. Short term charts are mixed but mostly in the “oversold” area. While they could get more oversold so far I don’t see any evidence that they want to go lower. It’s seems like they are holding the market up at a slightly higher low then the low we had back on Friday.
So, (sadly… as I’m a bear) it’s leaning toward a Bullish morning tomorrow, if not the whole day. I’d give it 70/30 that the market level will be higher then the open within the first couple of hours. How high will determine if this is Scenario A or B?
If they break the 1327 area on the ES then we are clearly going up in a wave 3 inside a larger C wave. This means today’s move down will be similar to the move down on 6/11… a one day event (A wave 2 down inside a 5 wave pattern to make up the C wave up).
On the other hand, if we open weak and struggle to get off the lows for the first several hours of the day then we’ll basically make a bear flag and likely collapse into the close. There is still that FP on the dollar of 86.47 that must be hit (which means the stock market will go much lower) but the question is “when”?
This is a tough call to make right now as the charts can go either way? Plus it looks like we are forming a Head and Shoulders pattern too (on the daily of most ETF’s). But, my gut tells me that they want this market higher, so I’m still thinking that 1370-1385 SPX is still possible over the coming weeks.
Tomorrow is just a wildcard day at this point, and I won’t know more until the first couple of hours. I need to get a feel for the market early on. All ritual “eleven” dates aren’t “down” days, but they need to be focused on when the charts all agree. Right now they don’t all agree, but anything could change between now and tomorrow morning.
Silver at long term trend line:
http://niftychartsandpatterns.blogspot.in/2012/06/silver-hits-long-term-trend-line.html
Nice read Afam4… thanks for the update.
http://www.roadtoroota.com/public/422.cfm?awt_l=DL.G2&awt_m=3VWvMupcyZAZ85B
Perfect hit on the trendline… now what?http://screencast.com/t/DG8Wq9D74
About paying for everyone else’s free health care when I can afford my own… Yes I’m happy as a man in a straight jacket with crazy drugs pumped into me!
Are any of you happy with this? 32 million will now have insurance and YOU and I will pay for them via taxes. Special taxes. Is this not Tax and spend? Isn’t that what we’re all against?
Now you see just how doomed we are.
Bouncing as expected gang. The ES hit the trendline to the “T” and is rallying from it now. So this sets up either Scenario A or B for tomorrow? Don’t know which yet?
TVIX looks good. Need to close above 6. Next week looks like we may double it. SPY 50/200 crossing over not BULLISH.
http://screencast.com/t/NFxIjk3lHtf