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Thursday, August 12, 2010

Thursday

Market recap

Today's White Spinning Top is a Bullish reversal pattern that still requires confirmation from a White Candlestick. It's still showing indecision in the market.

The chart below shows Price sitting on top of the Weekly Kumo. It also shows a downward magenta fork and Price is just barely above the handle. Should the market rally at the open, it can be expected to turn back down at the top tine of this fork near the 1090 -1095 level.

Currently Price is below the 50, 200 and 255 day MA. This will offer resistance.

The Hourly Ichimoku is Bearish with both Price below the Kumo and a Bearish cross. The daily chart is pretty much neutral with price a float within the Kumo. This Kumo will offer only weak support in the 1065 area. The Weakly Kumo is currently offering weak support near 1080.

My expectations are for Friday to suffer significant losses. The potential to fall as far as 1041 exists.


Little support found between 1065 & 1941



// end market recap 2010.08.11 //




13:30 ET
Fibonacci Relationships
0.382, 0.500 & 0.618 are significant
Where they intersect is often a clue!

11:30 ET
DDF



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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