PA does`nt look like much but the market is moving nicely in 5 & 10 handle increments today with fibs spot on....plenty of dough to be had if one can fall into scalper mode in these smooth gyrations.
60.25 is last active lo....if taken out,i say we sink into the close...if we trade above it ,they can run it.
60.25 looks like a neckline on a short-term H&S top 68.5-60.25-71.25-60.75-67.5. Reversal confirmed if we break below 60.25. (So far, it's holding.)
yup...i see that as well...double confirm for intraday support makes it a little more significant......nice observation.
Still nervously hanging onto my 1/2-position long, but raised stop again to just below the presumptive H&S neckline. I'd still love to see us break above 1471 so I can dump this long at a decent profit, but we can't always get what we want.
Hey spooz, you're a big diamond guy...is this too much of a stretch? <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1673440> Pardon my lousy artwork...
Today is shaping up to be a pause in the ongoing downtrend. Indeed, all trading has taken place below the pivot point. I would be surprised to see any major trends this afternoon (there were enough of those yesterday). I cannot say that I am disappointed. After this week's roller coaster ride, I need a break. If the ES hits 1490 and stays above it, I'll be impressed and will change my bias. But until then, I'm looking for pullbacks to short. I'd like to go long, but there will probably be better prices next week.
Yesterdays buying program likely to take us to +80 today. After that, look to put your shorts on again.
I cannot agree more.... what a week.. im exhausted. Time to go see the Canucks vs Avalanche. Good weekend all...