Kinda tough tonight...The red bullish falling wedge had an upside breakout and then a retest at the end of the day. There is a possibility that the retest is successful and it makes another run for an intermediate high. There is also the possibility that it gaps below and forms a head and shoulders pattern. At which point we have to see how it goes.
The vix:spx ratio above is interesting as the macd is getting ready cross going up. This could very well point to a multi-day pull back.
2 comments:
The daily charts rolling over suggest there will not be a simple bump and go at 750, which actually does not really offer as much support as people want to think.
The bulls trapped above will be dumping today imo too.
H/S measures to sub 741, so 666 will then be the bigger magnet.
Schweizer!
Haven't seen you around :)
Yes, I was thinking the big gap down on Monday trapped alot of bulls in, while yesterday gave them hope. The news events lately have made the market a tad more volatile :-P The falling wedge bothers me a bit, but if we can gap into the body there is hope.
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