I should have seen this before. Huge support at 1300. Very likely to bounce over night.
I've adjusted the yellow fork just slightly and moved the high target down accordingly.
I'm favoring a break to the downside if 1308 fails to hold, but I'm uncertain about breaking the Green channel. Of course if that happens we will most likely test the 2009 trend line.
This consolidation is building a Squeeze on the Weekly.
Today's Harami opens the market to a Bullish reversal with confirmation. The White Inverted Hammer is often a bullish sign, so I think the odds are for a Bullish reversal. I think it all hinges on the 1308 level tonight.
The patterns are not completely clear at this point but the evidence is that the market is getting ready to move again. The big move would be to the downside as the support from the 2009 trend line is near 1280 and below that is nothing till 1250.
___________ Below is my periodic analysis throughout the day _________
Could be a bottoming tail developing at the support, but the internals are weakening even further. 30 min left before the close. Watching closely
Internals are beginning to weaken and TICK is trending into negative
Internals support this move. I mentioned this level yesterday and it now appears now that the Bullish Bias will take us through this resistance.
The next level of resistance is at 1336.25 I may be too optimistic but I think 1343 will be the short term peak.
That's when it will get dicey. This Green upward fork could fail if the lower tine is tested.
Here's a cleaner chart.
I think I have a handle on the Pitchforks now. Like my pun?