Market recap:
The market has come to a very important junction. It appears overwhelmingly Bearish, but I've been there before only to be surprised. We didn't make it to 1071 today, but we sure did find the support I spoke of.
Today's Doji is once again telling us the market is undecided. Price has bumped against the Daily Kumo. A Black Candle tomorrow would be a welcome sign for the Bears.
One of my newest indicators WingNut is shown in the bottom graphs. I've back tested, and watched this one live, for several days. It's been very a good indicator, and it tells you in English exactly what is going on. WingNut is usually ahead of the market, and uses the E-mini Volume along with the SPX.The cyan cloud is Squeeze, and there appears to be very little pressure building, so I'm not expecting any drop like a rock moves to happen tomorrow, but I'll take it should it wish to.
Smoothy and PPS are currently Bearish on the hourly, and Bullish in the Daily charts
The Oracle of Delphi and MoneySpy are Bearish on the Hourly, and Bullish on the Daily charts,
but the Daily charts appear to be peaking with both these indicators.
It really looks like it should turn here at this confluence. Of course 78.6% at 1105.48 would not be an unreasonable overshoot.
I'll leave you with the Hourly - DMI, Stochastic and "Appel's 12-25-9 Sell MACD". All of these are giving the Bears a go signal.
// End of recap for Wednesday 2010.07.14 //
15:06
I've cleaned up the /ES chart. Looks like the 50DMA is giving support
10:30 ET
I've drawn a tentative down fork. Price will meet some support near 1086 when it encounters the handle - (Persons Pivot at 1089) , but I'm feeling very confident this fork will lead Price into the lower sector of the Green fork. The lower tine lays near 1071 where Price will encounter further support from this tine and the 50% Fibonacci.
No comments:
Post a Comment