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Monday, August 9, 2010

Monday

Market recap:
Monday's White Candle coming on the heals of a Long Legged Doji would be cause for concern to those who followed the confirmation of the Bearish Harami created on Thursday. But this recap is being made Tuesday morning and the e-minis are currently down 10.25, so that concern will probably vanish at the open.


It appears that a downward fork will be created today. Expect a drop to the top of the Hourly Kumo at about 1115 SPX. There is heavy support in this region as this is also near the top of the Daily Kumo. I would consider it a very Bearish sign if price is able to break back into these clouds. Should this happen the next level of support will be 1108 from the bottom of the Hourly Kumo.

// End of market recap for 2010.08.09 //


11:30 ET

DDF Chart is Bearish
Watch the Green fork today. This would be a good place to collapse if the market is going to accommodate the Bears, but it looks like there is potential for higher prices.

Sorry I can't be more decisive. Just a lot of words that say very little ;-)



The Hourly indicators are looking quite Bullish
but Smoothy has issued a Stall Alert

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

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