I found the chart for the $NYMO. So interpret as you will, in my personal opinion, I think thats a bottom. I have no professional financial experience...just experience like you all pimping the TDAmeritrade and IBroker account all day long... Uploaded with ImageShack.us
Finally, here is the ES. Also look at the IWC which is composed of stocks that are not big enough to make it to the Russell 2000. The IWC did not even make it close to the February low confirming the opportunity in microcaps right now. The IWM and IWC are the truth etfs. If those are stronger then the large caps then its telling...at least in my non-pro opinion. Uploaded with ImageShack.us Uploaded with ImageShack.us
I forgot to hit the resize button when I uploaded it I guess sorry...it does look pretty cool if you have an HD monitor though Its only 300 bucks and I got mine last year, probably cheaper now...
I'd wait for the close before making any bold predictions. If we get a bullish engulfing on strong volume, it's a good sign. I don't know if we're looking at 1170, 1200, 1220 or 1300 as upside target, but it should go up a bit. If we get a weak hammer and not-so-good volume, it's a harder call. It's still a double-bottom and we should get a little more rally, but it may only be a 2-3 day rally. If it's a flat or losing day, not good at all for the bulls.
If you guys look at the German DAX chart, they have a long tail, and they finished above the 200 day SMA. The Hang Seng has a long tail, and it finished above a double bottom. The Nikkei has a sizeable tail.
Pick one: EUR goes up and US Indexes go down or US Indexes go up and EUR goes down My Pick by June 1st: ES < 1000 and 6E > 130