Friday's Black Opening Marubozu is the first of two black candles required to confirm the reversal that I spoke of. It's difficult to see but there is a one point gap below Thursday's Spinning Top, this formed a Bearish Kicking Pattern. The last three candles now form a Bearish Evening Star. Both of these patterns are quite reliable, and a close on Monday below today's close will be confirmation of the Bearish reversal. The Bulls will need a long White Candle on Monday, to pull the pattern out of this reversal.
Price was unable to break through the highly congested area of trend lines, and bottom tines near 1185, but the candle sticks are looking quite Bearish, and even the Weekly chart finished with a Long Legged Doji. Also the DPO has also been in a Bearish mode for weeks, so I'm leaning towards follow through to the downside. We will have to see what happens on Monday. Once again Friday's Rule leaves us wondering.
Now just in case you think you had a bad day, think about the guy who bought AAN yesterday.
AAN - Aarons Inc was a highly touted stock with everything looking like it's business model was something to be admired. This article written less than three weeks ago has nothing but wonderful to say about the lease to own company.
Today the stock was down 33.5%.
Given the GS news I thought I would do an Andrews Pitchfork analysis using Fibonacci ratios to guide my rate of decent. The yellow fork looks well founded but I wanted to see if I can predict some turning points. The green ovals are my preference, but the red oval my be a better choice since the green fork is quite steep. If this works out I might be inclined to try this more often.
We should be getting a TOS update this weekend!
Kumo support and Fibonacci Ratios
Hourly MOBO and DPO are Bearish. 1187 would turn the Daily MOBO bearish.
Trend line support is at 1189, and Price has bounced of it once this morning. I have a rule called Friday's Rule. It says that Fridays never leave us with a clear picture, so I expect consolidation at this level.
DDF has a Bearish Bias today
Yesterday's White Spinning Top finally opened the door to a reversal indicating indecision. A couple of Black candles are still required for confirmation, but trend lines and forks are also supporting the likely hood of a peak.
Immediately 1200 SPX is the level to break, and this mornings momentum gives that goal possibility.
DDF should be Bearish, but I'll have that report at 10:30 EST
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.