Good call! High was so far 957.75 and now we are back to 953. IHS: Inverted Head and Shoulders (upside down H&S)
Question is, can we go higher with that gap? I can't see them *not* closing it before pursuing the rally.
we shall see after 2:00am if we go higher or lower. As far as closing the gap we have a better chance closing the gap earlier than later during the Chicago hours. As I had said on Friday we had to close above the 200mva on the 15min chart for this run up to be real. Right now the 200 av on the 15min is at the 35 area. If we continue to push up, the 200 will move up as well and if it moves above the gap price we will have less of a chance for a gap close. Hope that helps.
Thanks, the 57/58 was last Fridays upper range 61% pivot. I also had that level marked off on my chart as a high on 11/06 at 7:36am and it was the closing price for 11/05 also.
Looks good but topside is starting to get weak. It looks like this maybe our last attempt to take out this here high. If we do a weak push up, we will probably get to 63/64. If its for real we should get to see 72 area.
Like I wrote earlier, my indicator patterns setups still point to test the 1000 on daily during this week. I believe this test will fail /just gut feeling/ and we turn down but after my opinion as minimum 990 we will see.
When the market gives you 90 points, take it.... When you held for the 2nd day of selling, I was impressed, but now I am dissappointed.
One thing to remember is that the higher time frames (daily, weekly, etc.) they all make new momentum low back in Oct. It is 3 to 1 odd that we do not get a reaction low, either matched by the momentum itself, or, with lower price level. The government interventions so far will speed up this process