I wasn't referring to anyone here of course (alright, maybe blackguard). Its just commentary to go along with the chart
Yeah we know. But both Blackguard and Wave caught that backwards moving train, so the commentary had some relevance. Intereting chart though.
Could be a bit longer consider the light volume week or two we got so far as some catch up is going to happen this week. e.g. the drop in oil price yesterday was good enough to force many overnight shorts to cover at the opening (> 1/2 mil contracts indeed!), kind of wake up move for the shorts. So the one for the longs should happen now. If NQ holds up fine today, I agree 1320 is very likely.
I think the key to the next move is that all 3 indices have to bring their moving averages in line and that the daily and weekly oversold conditions must be neutralized first. e.g. on Spec's chart the upper channel is projecting resistance in 1310-1330 region and that is right above his MAs too. We can of course go sideway and keep chopping until the MAs are brought down to the current level - providing maximum frustration to everyone.
LONG 1274.00, STOP 1271.00, TARGET 1303.50-1320.00, if it fails the break down can fall to 1270.00-1260.00
Lawrence Last week and the week before saw the same thing, NQ selling brought ES into the 60`s where it sat until the nq selling stopped then the nq recovery took es into the 90`s..... edit es wants to go up but nq does not....
ok, I survived, coming back in the positive, price is breaking out of the bottom trading range(basing area) and now holding for it to enter its advancing phase, no change in stop yet
The price action from the 70 going down to mid-60s in the previous 2 swing lows tell a tale - huge accumulation there. Shorts at that level can only bail out by buying right above there. e.g. the 68 prints pre-mkt open Did I said right below 70 Now, the hard part - to break through 50% of yesterday for the rally to stay alive.