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Monday, May 3, 2010


Market recap:
Today's White Opening Marubozu created a Bullish Harami. The White Opening Marubozu is coonsidered a Bullish candle all by itself. This leaves us waiting for a confirmation of Fridays Long Black Candle. The Bullish reversal created on Thursday remains a hold, and my indicators are loosing their Bearish edge. I have adjusted the downward fork about as far a I can so if Price breaks out above the top yellow tine the market will most likely follow the blue fork for a while longer.

A White Candle tomorrow will cancel the possibility of a bearish reversal. A Black candle with a close below today's low will confirm the bearish reversal. Currently the /ES is at 1198, if it falls below 1190 overnight I think we will see the SPX break blue fork support.

Basically a break below the blue fork will have to happen before the Bears gain control.


This Green Fork was forecast earlier this morning.
See 10:30 post below

An adjustment to the Yellow Fork confirms the trend as likely to hold

10:30 EST
DDF is indicating a Neutral Bias and the forks are showing cross trends. Breaking the blue fork will be essential to a Bearish move.

The candle sticks are poised for a trend reversal if the market can manage a black candle today.

Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.

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