yeah i see that however it looks like we may a little bit higher to go into overbought territory before we breakdown lower.
not quite. theres still a great deal of consolidation and uncertaintly on the charts 15,30,60 min. we shall see after the speach.
with the dow up over 200 points it is important to note that the NQ is not participating in this rally. If this were a long lasting one the NQ should be up at least 20+ points. Also the ES although up strong is looking more overbought on the 60 min. Daily chart shows signs of more downside potential even with a possible retracement the rally should be short lived.
Even when the market was going down the toilet for the last 2 weeks, ES has maintained a premium (yes a premium upwards of 5 points!!) much above the cash index. Today, it's trading on par with its cash brethren. Call me a crackpot, but shouldn't the premium be levied only when the future looks bright, otherwise there should be a discount? What the fuck were these idiots thinking?
Bottom picking crowd and occasionally the PPT causes the huge premium on ES last week. That's another indication that the bag holder of the stocks dumped at market last week are retail, not institutional buying.
Good rally today - so far it looks sustainable. Looking to go long ES if market breaks above 967/970 or holds at support levels at 950/953. First target 984, then 995
I dunno, today's pattern looks oddly familiar. Top at 10, pullback into 11, another top between 12-12:30, pullback into after 13, then rally into close. Maybe we should find an appropriate name for it. We could call it Tadu,Gadu,Badu. Anyone has a good suggestion?
Top at 10 -> TO pullback into 11 ->P another top between 12-12:30 -> A A pullback into after 13 -> A rally into close -> R TOPAAR