I am short SPY 111.04 mental stop is 111.25 which corresponds to your tueday high -we will see. I dont have predictions but its interesting it should be failing right at 50 sma daily.
http://charts3.barchart.com/chart.asp?sym=$INX&data=H http://stockcharts.com/def/servlet/SC.pnf?c=$SPX,PLTCDANRBO[PA][D][F1!3!!!4!20]&pnf=y We are in a trading range between 1130 and 1050. We formed a bearish doji on the monthly. The P & F chart clearly shows we did not break support and are therefore in a trading range. Many people are bearish and we are up into the 50d ma. To screw the most people we need to break higher then turn around above 1113 to dive down and retest 1050. The 200d ma is at 1030 that would be a good first target. So my prediction is up above 1113 then back down relatively hard on "News."
Man we had some bad news last week between housing, greece, and I cant remember but some PMI # or something. The market barely budged. We need jesus to come down to grant us all salvation to tank the market. Or maybe the announcement of a national blowjob day.
Here's one for you shortie: California is greater risk than Greece http://www.telegraph.co.uk/finance/...r-risk-than-Greece-warns-JP-Morgan-chief.html The market, however, shrugged off the news on Friday. Maybe da bears will show up Monday?
this seems totally out of touch with reality. greece has maybe 35B deficit compared to 20B for CA. CA is a much larger economy. and US will bail out CA in a second if needed, while EU may or may not bail out greece. so, one can't compare the two. of course if CA fails, the world goes to shit much faster than if greece fails. but why would CA fail because of a measly 20B deficit?
Globex opened Sunday night sharply UP!!! Get ready for squeeze higher screw job, then after the squeeze turn it around and head for 1050. Just a guess based on "The market goes where the most players lose theory of price action."
I'm a technical trader doing my best to ignore the news and ONLY pay attention to how price reacts to the news. A lot of bad news was set on the table last week and the market held up very nicely. Technically, ES on the daily chart tested and broke thru the upper Keltner channel line several days ago, pulled back to the 20-bar EMA, found buyers there (trend followers now bullish since the previous resistance level established early in the month was broken, negating the further downside price action one would expect had another lower high been put in). Price tested the 20 EMA again on Thursday, broke it down and QUICKLY found buyers again. That hammer left behind on Thursday followed by a bounce off the 20 EMA on Friday now pushing back up toward the upper Keltner would point to further upside. Technical traders would expect price to retest that 1115 level, barring any real news surprises to the contrary. It seems to me like the market goes where the most people expect it to go, and the majority of market participants are trend-followers.
We are in a trading range between 1130 and 1050. ____________________________________________ Bingo..... until we trade out of it. No one knows what is going to happen, there are so many factors....volume is light many players are on the sidelines.....
Well said!!! Yes but turning points are always tough on trend followers. My read on price action is we are gonna have a tough time making new highs thus the call for a trading range between 1030 and 1130. JMHO