DAILY MARKET RECAPWednesday January 20, 2016 Key Datapoints: Key Developments : H&S top pattern on S&P 500 officially triggers on a closing basis with a close below the flash crash low of 1867 Market Tests October 2014 Ebola Low and bounces back to test H&S neckline. SUMMARY : Despite the big rally and some decent trading opportunities,[…]
Pre-Market Price action very similar to Yesterday. Appears to be inverted CUP/Handle. Target on break below 1874 1897.75 – 1874.75 = 231874.75 – 23 = 1851.7523/1874.75 = 1.23% This could setup a nice bouce off the Sept lows to make a right shoulder.
DAILY MARKET RECAP Thursday January 7, 2016 Key Data points: Key Developments : Bearish Flag Target Acquired. Market closes below 61.8 Fib, adding to the risk that August and September Lows will be tested. SUMMARY : Today played out much like yesterday with the lack of much afternoon strength. The Bearish Flag target 1962.07 target[…]
As I said in last nights report. I believe we have to give the bulls the benefit of the doubt above 2020 as above there the bullish double bottom cup/handle targeting 2169.81 remains in tact. On the shorter time frame, I would much prefer to see some consolidation at least part of the day today to[…]
Personally, I still don’t see much on the bearish front. I remain very much on alert for a reversal of this 4th Quarter move up here at resistance. (200DMA, 61.8 fib from July 20th high etc) However, until I see price action deterioration, I am not shorting a damn thing. My job is not to[…]