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Rinse down, Cycle up, Repeat
That has always been the Mantra for the Markets and I don't think it will change. I still anticipate it to continue. 1300 as resistance and 1260 as critical support. I believe the next lower spike high could send us back to retest 1260 again, jmho.
Could close Net 0
Should consolidate at the Resistance from the prior Close.
Whether we close red or green will be the indicator for tomorrow.
For now thinking a red close but Markets still might be in rampo mode into eod. The spike high on the chart looks like exhaustion to me. INDU 12400 QQQ 58 recovered so if SP 1290 can be recovered the buyers might come back in.
Here comes Relief bounce
Time to see if another Sell at Resistance or we get continued recovery today. QQQ/INDU/SP the prior close as Resistance might be the key. For now still some Buy at Support but could just be for a bounce.
Looks similar to Mid May 2011 now?
Thanks again for the chart :)
Could be the Rollover day
QQQ 58 rollover as resistance now. INDU testing 12400, SPX nearing 1285 both potential support but could Rollover to Resistance also if broken. Anticipation would be downside until next Wednesday unless there is some recovery to upside today. Making it past 11am without a relief rally will be the test imo.
Sharia law not accepted in some Muslim countries?
Reading the Wiki about the law it states:
"The reintroduction of sharia is a longstanding goal for Islamist movements in Muslim countries"
To me it sounds as if it is not even accepted in Other countries as well?
So now we are destroying the religions that Built this country and accepting the religions that want to Break it Down?
http://en.wikipedia.org/wiki/Sharia
SP Futures 1285-1298-1290
Overnight rally looks to have double topped ahead of the US Econ news which was bearish and causing a pullback. Whether the pullback will again find support is the question here? TNX is only slightly higher but well below it's declining trendline. Time to see if TNX will have the leading pattern or if the 100SMAs of the Markets will continue to hold support.
My anticipation would be a selloff similar to Jan 6th, we shall see.
Enjoy the Day!
Afternoon Steve, errands today
Yes, the consolidation does look good but I still suspect a rollover coming as TNX is yet to participate. The INDU 100SMA is treading water for now, only the QQQ moving higher. Staying below SP 1295 INDU 12500 still looks bearish imo. A lot of Euro and US Econ news tomorrow morning before the Market opens so will expect the consolidation to continue overnight.
Definitely a time to see if TNX will lead the way or not.
SP Futures 1288-1280-1285
Some overnight topping seeing a pullback to potential support but the bounce from support is running into resistance.
Anticipation would be another retest of support for a double bottom.
Whether that will happen before the Market is open is the question?
For now Euro,DAX,FTSE look trend down
SP 1290 QQQ 58 as Resistance for now
Thanks, appreciate it
I like to see the MACD and DMI crossovers short term.
Both seem to indicate a potential top this AM.
Will see if we again consolidate out a while or catch some downside.
Anticipation for now is a selloff into tomorrow AM similar to Jan 4th, then see if Max Pain offers some recovery.
USD and Euro I think
The Markets seem to be in Jan Effect mode and wanting up even though the Base indicators are still Iffy or Down? We have had good Econ news but most of the rallies seem to spike and selloff. My anticipation is a selloff again into tomorrow morning, then see if WWW has some recovery into EOD. Thinking we get downside into OEX after any failed rally attempt, we shall see.
Sounds Good Steve!
For now looking at SP 1295 INDU 12500 as potential Resistance.
Support at SP 1290 INDU 12400 for now, but not sure if a bounce or breakdown today. Leaning towards breakdown but might retest the resistance by eod.
The INDU 5 day chart in the Ibox is still working but the SPX 5 day they changed the server so it won't post anymore? Have been trying to get a 5 day short term chart similar to the INDU one for SPX but cannot get it to work. Can you setup a short term 5 day chart for SPX?
Enjoy the Day!
Added some SPXU 11.95
Now will see how things play out by 2pm if online then.
Potential is a HOD at EOD and Resistance so will hold off until later, also errands to run, Enjoy!
TNA 49 over target, SPXU 12 at target
Will be looking at today as an exhaustion gap day, picked up some SPXU premarket at 12 to start a position. Watching SPXU 12 now as potential support but could trip lower and become resistance so only a small position to start.
Enjoy the Day!
SP Futures 1280-1290
For now I am looking at today's candle to end up Mirroring the Dec 19th downside candle but to the upside. Today's gap has the potential to cap the Bowtie move. This last up season in the Markets seems primarily due to the rebound in Euro/Metals bottoming and bouncing imo. If the morning gap holds support for the rest of the week will be the test. I would agree that 1275/1270/1260 the support pivots here but would not rule out a spike high day that retests 1260/1250 by next week, we shall see.
TNX has been hinting at a rollover, will be watching the Euro/Metals to see if just a rinse and recycle or there has truly been renewed support.
Have a Wonderful Week!
Good Morning Steve, welcome back
Sounds as though you had a Great time visiting with family, very Nice. Always the most Fun when you can relax for a while and just Enjoy the moment :)
I am not sure if we are done yet with the Bearish fork so at least we can have it in reserve if need be, we shall see.
Ditto SP Futures 1270-1275
Link back to the charts, looking similar to how Friday traded.
So far just a lot of testing between 1270-1277 with both the support and resistance holding.
Not sure if we see a break today or just consolidate, thinking just consolidate, we shall see.
1 Million illegals a year
Escalated since 2005 and all that were able to 'buy' houses are now foreclosed on and back into apts, plus all the new arrivals everyday. News story here had a guy say 'without all the illegals who will rent the apts?', nuf said.
Why uptrend/downtrend patterns?
Can anyone explain why in an uptrend prior resistance will become support and in a downtrend prior support will become resistance?
It is just a Given phenomenon that cannot be explained, it simply Happens.
Learn it, Live it, Love it!
Have a Wonderful Week! :)
The Velvet Monkey Wrench
Market Maker Manipulation
How quickly can I put this stock down to cover?
There will be Good News but I want to see if I can drop the price to cover and not trigger any trade alerts to get the stock halted again. Normally you would see a 'walk it up/walk it down' scenario but the spike low is desperation, 'can I cover it quickly and not set off trade alerts'. There was extremely low volume on the drop so now watch for a Slow walk up with a lot of volume as they cover and add. Once the News hits they will be loaded and let it run so they can start all over again.
Have Fun Everyone!
Candles pointing Up for now
Will wait until Monday for any trade unless there is another spike high before 2:30/3
Trend up days usually get a sell at 3pm, will see how today goes
A bullish close should carry into Monday
Euro is cycle low for a bounce up Monday also, we shall see
Looks like a Spike High day
I will be waiting until around 1pm to see if any euphoria wears off
Errands this am anyway, Enjoy
SP Futures 1270-1275
Trying to trend up after an overnight dip but getting back to a resistance level.
A Lot of economic news out at 8:30 ahead of the Market open.
Anticipation is a retest of the prior high but we might have seen that already yesterday?
Any selling today could also see a double bottom bounce out of the Euro and then consolidate again.
SP Support to watch is 1270/1265, QQQ 57.50/57
Euro vs USD$
Long signal-higher low
I am not going to trade it though
Watch for SP 1270 QQQ 57 recovered as support
Thinking we move back to retest the last high, jmo
In Short mode but watching for another high to enter
TNA back to 48 is a possibility, just watching
Out SPXU 12.65
Errands to run today, have Fun
Top of the 'Bowtie'?
Was looking at the volatility to continue and a retest of the top of the Bowtie as resistance. Have we seen it today?
The bottom was a slight dip below so wondering if the top resistance will be slightly lower also?
Fed FOMC at 2pm might offer some influence in the afternoon to upside if there is nothing negative coming out.
Anticipation is that today or tomorrow we go back to Sell at Resistance, we shall see.
In SPXU 12.30
Will see if it will recover 12.50 by eod.
Anticipation is some pullback and double top before 2pm FOMC, then will depend on direction of momentum from there, we shall see.
SP Futures 1250-1270, spike 1278
Morning spike high at 1278 might get retested at the 10am news announce. If you saw yesterday's DAX/FTSE charts they both closed HOD at EOD with a gap up today that is consolidating. Anticipation is a spike high on the 10 am news and then some consolidation into the FOMC announce at 2pm. Anticipation is today or tomorrow will be the Top of this upmove, just my speculation.
Have a Wonderful Week!
SPXU targeted support 12.50/12
Sitting at the first targeted support.
DAX/FTSE yesterday both closed HOD at EOD and today Gap Up and consolidate. Any Gap and Crap in the Markets today could lead to a gap down day tomorrow and an island top for the Euro markets.
Anticipation is a spike high on the 10am news then sell some and consolidate until the FOMC minutes. Most likely a sell after the minutes but could consolidate into the close. If today's spike high is not the top then I would think any topping action tomorrow will be, just my speculation.
Contrasting days today?
The Euro tested a new spike high but the DAX was trend Up all day where the FTSE mirrored the Spike high surge. Looking like Tuesday could be either one unless we get some Sell at Resistance or Sell the Gap, we shall see.
Hope you all can see this before they reset in the AM.
Wishing Everyone a Happy New Year!
link back to previous post, thanks
SP Futures 1255-1260
SP Futures retested 1255 as support overnight and now retesting 1260 as resistance. So far looks like it will be a tight trading range day with mostly consolidation. Anticipation is that the Markets are back to a major resistance level and could selloff from here so use caution on Longs and it might be Safest to wait for next week to look at Shorts. QQQ retesting at 56 for support/resistance so would watch which side it will be trading on today and much like the DAX/FTSE could be swinging back and forth from yesterday's close.
Just remember to be Safe with your trades!
Have a Fantastic Friday, a Wonderful Weekend and a Happy New Year!
No Statement=No Change of Direction
Company is really making a huge mistake by not getting out some different News to offset the BK rumors/misprints. If the Institutions are the ones dumping here I don't think they will get back in as long as the stock is below $2.
I think that is the MM strategy, just keep pounding it under $2 so Institutions will keep it off their Buy list.
Sears/Kmart news hurting it?
Sears/Kmart news was something like 120 stores closing?
Yes, company really needs to get some kind of PR out or else Everyone is still gonna think BK on it.
Same question, just woke up
I see the big drop in the Euro and Futures.
Only thing that looks likely was the DAX trading at resistance all morning finally getting the 'sell at resistance', but the FTSE is only pulling back to support so still might get some bounce?
FTSE was at a spike high when the selloff started.
Euro vs USD$
Up late, SP 1255-1265-1258
Not sure what caused this last selloff?
I see the DAX was testing at resistance all morning, possibly finally triggering a sell at resistance?
FTSE had a morning dip and then recovered, perhaps the Market pattern today if we get a morning double bottom?
Will be watching to see if 1260 can be recovered as support.
Might do a Nov/Dec 5th
That is what I am anticipating the next couple of days.
We are either at the top or very near it, so another spike high green day could follow from here. Just my speculation anyway :)
Everything closed near hod at eod
FTSE was closed but prior day was hod at eod, DAX was near hod at eod but lower high, TNX is showing weakness as are the Markets if they close here. I think the Safest is to wait for tomorrow. I would expect a gap up to get sold and another gap down to get bought. Then a countertrade from the resistance or the support has been the scenario up to date, so thinking that continues. INDU needs below 12200/12000 and SP 1250/1240 to get really bearish, and for now will be Buy the Dips until a bounce back to the SMA breakdown becomes resistance. So in a sit and wait mode. Do you risk Long or Short here or just wait for a better trade trigger?