John's Intraday Market Analysis

never ever say "for sure now " my good man

but i hope your right !

 

Possible scenarios

1) That is the top and we continue to sell off

2) Flat range through lunch then test of high +/- few ticks, then a big breakdown

3) Bull flag through lunch then new highs and only a slight selloff to close. tomorrow will be most likely reversal day then with FOMC minutes.

I think 2 is most likely, but I have been wrong before :eek:

 

Very good scenarios, I hope we don't get option 2 but that is in the back of my mind as well, We will have to see if the 200ma bounce that we are getting can be broke.

Also 74.10 is 38% retrace level on IWM, which is always a good place to go long if it holds, however, I want it to break, hopefully a lunch time reversal.

 

I see tick bearish divergence. lower low on tick. 200 ma and 38% fib still holding we need to break 74.10 on IWM. Currently range trading for last 40min.

 

here we go

 

lower, we still need to hit 73.94

 

Long 750 paper trade (having lunch)

Stop 749.30

 

good thing its a paper trade.

 

I think we will retest the lows soon,,,hopefully for me.

 

lower