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ES Chart: Watching for a bear trap reversal out of the H&S top formation.
Big move down today. Note the increased volume. Note the higher volume readings on the previous lows before they reversed. Big money knows what we don't. They get out at the highs and in at the lows. Note the low volume at the high where the "head" is in the head & shoulders formation. It's puny. The biggest volume comes in at the lows of the drops. The biggest volume since mid-March occurred yesterday and a lot of that volume occurred in the last hour of trading at/near the lows. Note the oversold condition of the RSI.
Tomorrow we have employment numbers at 8:30 EST. This will either be the trigger that gives us our capitulation lows tomorrow/next week for some news over the weekend/into next week to reverse us hard and fast back upward, or it will be what will blast us back upward tomorrow, imo. You can see in the lower right corner of the chart the trend line support which is at 1180.75. Let's see if that gets hit overnight or in early trading before the employment numbers.
Look at that head and shoulders formation again. It's just too pretty! It MAKES you want to short it! Watch for the bear trap... I believe it is coming. Right or wrong, I'll update this each evening until we see how it plays out. (BTW, if this head and shoulders formation does play out to completion, the measured move target is to around 1142.50).
Cya tomorrow.
JBII divergence on the daily & hourly intervals today...
Note the divergence occurring at the marked price lows and the marked RSI lows. When price hits a lower low, but RSI does not, it is an early indicator of a POTENTIAL reversal...
JBII: This could be setting up to be a much larger adam & eve formation. The smaller one played out perfectly on the 5 minute chart. Now there might be a much larger one playing out on the 15 minute chart. You have to keep in mind that the gap down is all price action, even though there are no candles there. So, this move we had down to 1.50 and up to 2.39 could ALL be the Adam portion, (which looks like the "V" on the chart, the left side formed with the blue line I drew and the right side formed by the candles).
Now watch and see if the "Eve" portion forms during the rest of the day. If it does and we get that "U"shape with some consolidation and a move back up to 2.39, then the breakout move above 2.39 can get us back to 3.28, although not probably all in one day.
Keep your eye on it.
JBII Intra-day updates
First chart shows horizontal support areas in case we drop. Note the MA's on all the charts for support areas as well first thing in the morning.
Second chart shows horizontals and MA's.
Most of the overhead resistances posted on charts earlier today still stand as overhead resistance, save any moving averages which will adjust a little.
Not a bad day for JBII. Congrats to those who took off a few up in the 2.80s and might have reenter in the 2.60 area. 
Nice last two days for QRM also.
JBII for today as I see it.
Here's a daily chart with a Fibonacci retracement grid and downtrend line resistance areas. As for the downtrend lines, for today resistance exists at 2.46, 2.97 and 3.82.
As for the MA's, resistance for today exists at 2.52, 2.86, 2.95 and 3.30.
And for the Fibs, resistance is at 2.66, 2.95, 3.25 and 3.66. There is also a "lap" to be filled at 2.89 that could act as some resistance.
As for support for this morning, right now it looks like 2.30, 2.23, 2.17, 2.13, 2.07 and 2.00 are potential areas. I really want to see 2.07 hold if we get back down that far.
With under 10 minutes to go until trading it looks like we could have a small gap up. 2.46 - 2.50 is the key resistance area right off the bat and 2.17, 2.08 and 2.00 are key support areas for me for the day. If we move up through 2.50 then I think we have a good shot for 2.66. A close anywhere above that would be very successful in my eyes and move us a step closer to having a legitimate trend reversal, imo.
Capitulation on JBII
JBII up 19.21% with a HOD close. That deserves a chart update tonight. 
My pleasure.
JBII Charts
The daily chart is showing three increasing degrees of downtrend decline. The long red candle from last Thursday appears to be a capitulation move. I think shorts intentionally drove price below the blue trend line to incite more fear & doubt to encourage selling by weak longs. RSI is showing oversold.
Next up is the daily with a Fibonacci retracement grid. The stock dipped below the 62% retracement level but has closed above it for two days now, finding resistance under the uptrend line. Probably not very significant, but worth noting, a "lap" was filled that was created between the 1.92 close of 4/27 and the 1.94 low of 4/28. (A "lap" is a form of "gap" which occurs when price opens within the previous days' range but above or below the previous days' close).
Next chart is the 15 minute intra-day. The formation could be a cup & handle bottom (ugly, but possible), or it is a bear flag. Which is it? I don't know, but one possible tell is the divergence that occurred between the RSI readings and the two price lows indicated. The pink line above the volume is the ADX line of the Directional movement study. I use this line to give me a sense of when a breakout move is near. Under 15 means a move could happen any time. It does not determine direction.
I am of the belief that the lows have been seen and price will rebound out of this consolidation. The volume on the daily chart from last Thurs & Fri. give me the impression that capitulation has occurred and that price will likely return above the broken uptrend line and support will be re-established there.
If I'm wrong, some lower targets to look for support are at the 200dma on the daily chart at 1.53. If the formation on the 15 minute interval chart turns out to be a bear flag, we have a measured move target of 1.65. There is also the 78.6% retracement level to 1.37/8. I will be a buyer at any of those price points should volume provide an indication to do so.
QRM has a gap to fill at 5.20. Missed it by .02 so far.
I'm tentative to buy anything but PM stocks right now as the market appears to want to retrace a bit. There's a Head & shoulders top formation on the S&P 500, (the chart is of the futures, symbol ES)...
Let it get crazy over there. I like the relative peace & quiet here! 
Thanks for bringing my attention to it Harold.
Wanted to re-post a pic of a good example of what an Adam & Eve formation looks like...
JBII & CL 1 minute chart comparison for today...
First up, JBII. CL underneath. They both began their decline at the same time, (10:30 am EST on the blue line), probably as a result of Bernanke beginning to speak at... guess what time??? 10:30 am EST.
Just gotta love that guy. He's making my PM's and mining stocks more valuable!
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