Charts look very toppy today. I can’t rule out one more move up to a slightly higher high then yesterday but this could drop in the afternoon and into the close.
I could see one more small move later today but that’s about all for the upside I think. We should see some selling next week as today looks like a top to me (at least for the short term).
It will be 707years7months from the original Friday the 13th episode tomorrow. Some other nice hits to the date but the technical configuration isn’t there quite yet although something might materialize.
A certain little indicator is still heading south with its component reversing down yesterday after nearly reaching near the O line Friday.
Higher support held early this morning so 2070 area wasn’t tested. The real test going into Wednesday is to see a big gap up over resistance from a triple top area recently formed. If the ES Futures can pierce through around 2107 going into the open tomorrow there’s a good chance we’ll see a big squeeze all day and into Thursday for new highs.
However, failure to breakout should lead to a nasty sell off that this go around should test that 2070 area on the SPX. I’m not sure which way they plan to take the market here but it should be fairly clear by the open tomorrow.
I think every market has hit new all time highs now except the Nasdaq Futures, which is probably what’s holding the market up.
Charts look very toppy today. I can’t rule out one more move up to a slightly higher high then yesterday but this could drop in the afternoon and into the close.
Mixed charts today. I see no clear direction.
Volatility
I could see one more small move later today but that’s about all for the upside I think. We should see some selling next week as today looks like a top to me (at least for the short term).
ES Futures Update: http://screencast.com/t/4Qltuk3vKo7
Interesting chart: http://charts.equityclock.com/wp-content/uploads/2010/04/image117.png
This could be a boring day as the charts look too weak to breakout through overhead triple top resistance right now.
It will be 707years7months from the original Friday the 13th episode tomorrow. Some other nice hits to the date but the technical configuration isn’t there quite yet although something might materialize.
A certain little indicator is still heading south with its component reversing down yesterday after nearly reaching near the O line Friday.
Higher support held early this morning so 2070 area wasn’t tested. The real test going into Wednesday is to see a big gap up over resistance from a triple top area recently formed. If the ES Futures can pierce through around 2107 going into the open tomorrow there’s a good chance we’ll see a big squeeze all day and into Thursday for new highs.
However, failure to breakout should lead to a nasty sell off that this go around should test that 2070 area on the SPX. I’m not sure which way they plan to take the market here but it should be fairly clear by the open tomorrow.