Yesterday's action was very bearish as they sold them hard. Volume on the downside was 90% and the VIX rose by 12+% enforcing the bearish sentiment. We need to break 990 for the structure to be clean but we should at least get a little re bound today no matter how small it could be.
The next level below is definitely 975 which is where the B completed and the bulls will definitely try and defend this to the last. Bears don't want us to revisit 1028 area, but I dont see anything positive in this structure.
As I have been singing since the bottom, the top should be around 1045/1054 area and we visited 1040, so that might be enough to satisfy the structure off the bottom. Do we go straight back down? Nope but you need to be bearish here or if you long start getting flat.
Wednesday, September 2, 2009
Tuesday, September 1, 2009
Below 1000
This is very significant development here. The structure is fully in contact and I guess maybe 1040 is all she had on the upside.
1006
1006 didn't hold! We sliced through that and 1000, no I am looking and I can say the structure is still correct with the 1040 peak. I am so upset i missed it as I was expecting 1045, rrrrrrg Oh well.
Now if the structure is correct and 1006 holds up down we should see 975 in a jiffy although they might try and hold the 983 level
Now if the structure is correct and 1006 holds up down we should see 975 in a jiffy although they might try and hold the 983 level
Dive
Pretty hard drive here. I have no clue if we had hit an short term high at the 1040, 4 points short of my target area) or this is a pullback to attack it once again. The momentum is definitely down here in the mid day but we have been seeing buy into the close of the last days, so lets us watch the close.
Very concerning for the bulls that we crushed through that 1006. Lets see what they want to do
Very concerning for the bulls that we crushed through that 1006. Lets see what they want to do
Monday, August 31, 2009
OIL-
What else can I say oil made it to its daily target of $75 given weeks ago and now it looks like it is dead. Nothing like technical analysis and it is proven here in Oil. I am surprised I missed the target on the S&P BY 4 points, I never been that far off before or maybe we will get one last push up, I definitely have to watch the action and see.
Thoughts on Market
We have been in a tight range for the last few weeks but I think we are definite in a position of forming an important top. Have we already hit the top I dont know but all of analysis is showing me we are in a toppy area. Sentiment have been extreemly bullish and we are know what that means!
Lets see what they want to do especially into the holidays but I think there is great risk reward going short here. If we have already made a high I only missed it by 4 points on the ES.
Lets see what they want to do especially into the holidays but I think there is great risk reward going short here. If we have already made a high I only missed it by 4 points on the ES.
Subscribe to:
Posts (Atom)
