ES Journal Archive (2006 - 2008)

but if we dont get back into that channel and only kiss it and turn lower we would have the 'kissof death' pattern last seen at the aug secondary high of 1303 after the swing high a week or so before at 1313.50. if memory serves it was a very similar pattern to recent market action

 

daily spx res 875 and 881 sort of

 

Using 4:00 pm close at 66.5, the gap is huge at 10+ pts at the moment.

Very odd setup ... again.

 

"Very odd set-up ..."

but what would your "usual" interpretation of a 10pt gap to the 4:00c be?

would apreciate any comment

 

my guess is only that ,but oil down right now ,ii think thats why we rallied,i think we sell off again ,but we'll see

 

There are not too many up gaps with big difference between 4:00 close and 4:15 close.

On the other hand, we have way more down gaps with this kind of big difference.

This is the kind of gaps that has a 50/50 track record on getting filled the same day.

 

So if today we do not close below low 60s, I will no longer be bearish ... maybe for 2 weeks

 

Early momentum weakness may be providing clues that there is concern with the possible outcome of the Consumer confidence report at 10:00.

 

spy

 

I find nothing odd about a 10 point move.