All the indices closed just below their highs from yesterday. Normally this type of setup resolves bullishly (at least during the 2009 bounce escapade). But I did look at these type of bars when they occurred in June and July of 2010. Normally following a red reversal day like yesterday, the following day saw a monster white bar/ rally day that completely enveloped (and dominated )the previous day’s bar.
Crude oil and gold and silver bounced from the overnight abyss to save the market today but crude oil basically tested its multi-month lows earlier during European hours.
So are these wave 2 bounces or continuation of the rally. On the weekly no bull flip and it needs to head south to avoid one next week.
Some gurus are callings this an intermediate bottom. But shouldn’t it have been more powerful. Or could it be repeating the events of 9-18/19—2008 but spread it over 4 days rather than 2. The markets rallied into the end of the week like then and following the Arpil 4,2000 event as well.
All of the indices basically have rallied back to the 50 RSI level (49+). The conformity of the various indices is very bizarre. $tran $spx $rut $indu $ndx all at 49+ with $sml and $compq at RSI 48
There is a little battle going on here between the bulls and bears. The ES Futures has worked off enough of the overbought conditions on the 4h, 2h, and 60 minute charts that it could resume the rally upward with the “B” wave down being completed at the overnight low of 1305.
But, the SPX Cash wants to rollover and go down as it’s lagging behind the ES right now. The problem is that the bulls are favored by the gangsters 90% of the time… and this being a Friday leads me to believe that the low is in for today.
This leave Monday open for either a continuation of the rally or another move down to my forecast-ed 1290 area. We won’t know until Sunday night as the ES Futures could reset themselves to either a bullish or bearish position for the open on Monday. If they rally and get overbought then I’ll say that well go down on Monday. If they are down at the open on Monday then I’d say we’ll rally back up later that day and into Tuesday.
This “B” wave down could already be completed now or it could go lower again on Monday… hard too say right now? But the light volume favors the Bulls (as it almost always does). My gut tells me that we’ll have another leg down to the 1290 on Monday, but that’s no guarantee of course. As for today it’s looking like a flat day for the close. Could be slightly positive or slightly negative, but not much either way.
LOL… that link didn’t work because there wasn’t a space between the word “crash” and the link. I went to edit it to fix it and you beat me too it! He He He…
All the indices closed just below their highs from yesterday. Normally this type of setup resolves bullishly (at least during the 2009 bounce escapade). But I did look at these type of bars when they occurred in June and July of 2010. Normally following a red reversal day like yesterday, the following day saw a monster white bar/ rally day that completely enveloped (and dominated )the previous day’s bar.
Crude oil and gold and silver bounced from the overnight abyss to save the market today but crude oil basically tested its multi-month lows earlier during European hours.
So are these wave 2 bounces or continuation of the rally. On the weekly no bull flip and it needs to head south to avoid one next week.
Some gurus are callings this an intermediate bottom. But shouldn’t it have been more powerful. Or could it be repeating the events of 9-18/19—2008 but spread it over 4 days rather than 2. The markets rallied into the end of the week like then and following the Arpil 4,2000 event as well.
All of the indices basically have rallied back to the 50 RSI level (49+). The conformity of the various indices is very bizarre. $tran $spx $rut $indu $ndx all at 49+ with $sml and $compq at RSI 48
Tick was +1000.
Quick thoughts for Monday….
http://screencast.com/t/SKlpJZbbOuBt
New FP or late fill?
http://screencast.com/t/WaqdXef8
There is a little battle going on here between the bulls and bears. The ES Futures has worked off enough of the overbought conditions on the 4h, 2h, and 60 minute charts that it could resume the rally upward with the “B” wave down being completed at the overnight low of 1305.
But, the SPX Cash wants to rollover and go down as it’s lagging behind the ES right now. The problem is that the bulls are favored by the gangsters 90% of the time… and this being a Friday leads me to believe that the low is in for today.
This leave Monday open for either a continuation of the rally or another move down to my forecast-ed 1290 area. We won’t know until Sunday night as the ES Futures could reset themselves to either a bullish or bearish position for the open on Monday. If they rally and get overbought then I’ll say that well go down on Monday. If they are down at the open on Monday then I’d say we’ll rally back up later that day and into Tuesday.
This “B” wave down could already be completed now or it could go lower again on Monday… hard too say right now? But the light volume favors the Bulls (as it almost always does). My gut tells me that we’ll have another leg down to the 1290 on Monday, but that’s no guarantee of course. As for today it’s looking like a flat day for the close. Could be slightly positive or slightly negative, but not much either way.
I certain hope this is all real but I still have my doubts.
🙂
LOL… that link didn’t work because there wasn’t a space between the word “crash” and the link. I went to edit it to fix it and you beat me too it! He He He…
New Stuff from David Wilcock
http://divinecosmos.com/start-here/davids-blog/1060-massdivine
Market rumor: Pimco and JP Morgan Halt Vacations to Prepare for Economic Crash
http://the2012scenario.com/2012/06/market-rumor-pimco-and-jp-morgan-halt-vacations-to-prepare-for-economic-crash/
Target for today or Monday…
http://screencast.com/t/7bQxo9Lqm