Blog Archive

Monday, May 17, 2010

Monday

Market Recap:

DDF was right on with a Neutral bias today.
Today finished with a Bullish Harami created by a Doji with a long tail. The Bullish Harami is not a strong reversal pattern, and still requires confirmation from a white candle but my interpretation of the long tail is a Bullish signal The market seems to be making a better than average amount of reversals and Doji's which indicates indecision.

The market has resistance above from the Hourly Kumo. It is afloat in the Daily Kumo and feeling resistance from the Flat Kijun-sen near 1138.

If it should rally tomorrow I would expect it to meet further resistance from the Flat top on the Hourly Kumo at 1147 - 1150 area. This is also close to where I have placed the Andrews Pitchforks.
As you can see the Daily Kumo has been containing the market,
a break below the Daily Kumo would be a significant Bearish sign.

The Oracle of Delphi is loosing downward momentum
PPS is Bearish as are the Persons Pivots with a Daily range of 1104 to 1147
So perhaps we will be up in the morning and down in the afternoon creating a Black Closing Marubozu tomorrow.



10:30 EST

DDF has a Neutral bias today. The range is 1132 to 1142. The Persons and Woodies Pivots may provide better insight to range.

Price is following the fork from May 5 (blue). The handle of the April 26 fork is shown as white dashes. The destination may be resistance at the Green fork.

The Bears got their confirmation on Friday. My indicators are showing weakness on the minis.
But the SPX appears to have bottomed.
It's a bit up in the air so it may take awhile to resolve. Basically I'm still looking for the Green fork to show the way.
The hourly SPX is under the Kumo with a Bearish cross.


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

No comments:

Post a Comment

Today's Feature

PALESTINE ON THE WORLD'S ANCIENT MAPS

The Palestine which "never existed" appeared on ancient maps, in atlases, encyclopedias and bibles worldwide.

Posted by The International Palestine Network - Gaza on Sunday, February 21, 2016