Friday

Market Recap:

To the person who rated my post useless, please let me know how I can make this blog better.

Yesterday I said 1065 would be the target if 1075 was broken. Then this morning I updated with an even more precise number 1062.89; well 1063.91 was the exact low. I like being back on my game!

Yesterday left the Bears hoping to confirm the three Bearish Reversals, today's Black Spinning Top did just that so the Candlesticks are short .

The Andrews pitchforks are right on target, and line up well with Fibonacci Ratios.
Keep an eye on the big Orange tine. That's the mother to break. When it fails, the other Bears and I will have a wide on! We might take a short pause at 1040 but 950 is coming.

The Ichimoku is telling the same story.
Look at the way Price has conformed to the Daily Kumo.

Not fully bearish until everybody leaves the Kumo, but it's got to be a concern for the Bulls.


Below is the Weekly chart. Candlesticks have a Black Spinning Top and last week was a Long Black Candlestick and an Engulfing Candlestick. Both are Bearish Reversal Patterns and this Black Spinning Top is confirmation. Hey doesn't this sound like the Daily Candelsticks?

The Ichimoku has come to rest on the support of the Tenkan-sen. There is a Bearish cross and the support of the Weekly Kumo has failed. Damn let's look at the Kagi chart!

Yep! Hourly, Daily and Weekly Kagi Charts are all Bearish.

Below is the Daily SPX with Smoothy, Deviant Chaos, and Cruiser.
Each is telling the same Bearish story.
In fact Cruiser and Smoothy are both indicating an increase in momentum.


And finally for those who watch the DOW.
Support is breaking down.
Next support at 9900 then on to 8800.

// End of Market recap for 2010.08.20 //


10:00 ET
http://twitter.com/KumoBob

Quoting KumoBob from Thursday at 11:00AM ET "
11:00 Just to be clear. a break below 1075 will beget 1165."

This Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling contracts, equities or currency.