Cobra wrote:trend line support. I won't count on it though. now the Fib 61.8% MM target cannot even make a higher high, no good.
Trendline held.
Bullish hopes anyone ?
I am a lil biased to the upside.
I am holding both 2X spx and inverse spx. IMO we are on the cusp of something (draw a horizontal line on the daily). Above us is a region where prices have been frequently during the last few days and below us is a region where prices have been a few weeks ago. My evil plan is to profit from the melt-up before the FOMC meeting and then profit from the usual disappointment. I think this will work because I doubt that the Fed would ease during the middle of the summer with such low voume --- Ben would want to be sure his cronies were all in the market when he spikes it up. I think they will wait til Sept/Oct. ... But what do i know?
Legal note:Don't believe anything I say above. You may lose yourA$$..
My chart has Daily Elders (Close, High, and Low), MA-2, CCI, and ATR for each stock; all color coded.
Daily Elders. 15 reds 3 days in a row for world market. No lower reading over 3 days in a year. Closest was starting on 8-2-11, but after a period of lower reds. Volume still moving down. Even though all other indicators on presented on board look like the SPY will bounce, I don't think it will hold. However, it looks like Euro Indexes are in the CCI bounce area, showing some positive up today.
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Flip that coin.
Legal note:Don't believe anything I say above. You may lose yourA$$..
My chart has Daily Elders (Close, High, and Low), MA-2, CCI, and ATR for each stock; all color coded.