Upside - 1344, 1352 and 1360's
Downside - 1334, 1322, 1316 and 1311
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Only one chart for tonight, the SPX daily;
We stopped on Friday right at the old shoulder line of that 7 month head and shoulders. We also posted a hammer reversal candle. Looking at the futures tonight, it appears that this level will hold here at least for a bit.
So now the question becomes how far down do we go?
If it's a pullback, i'd expect us to go no lower than 1316, but if it did, the market will need to put up support in the 1309-1311 area. Below that is a trip to the 1280s, a test of the 200 and the big H&S pattern would be back in play.
Obvioulsy going to be lots of US debt related talk, headlines and posturing this week. If that starts to get really ugly and we don't break key support, be prepared for a rocket launch afterwards.
Honestly,.. anything can happen this week. It's one of those weeks that you might want to sit out if you don't have a quick trigger finger and don't want to get whipsawed.
Futures down 11.5 as I type. Gonna be a bumpy ride.
GL
CJ
4 comments:
bumpy for sure cj,,,taking off my stops to avoid a whipsaw as i dont want to miss the new highs,,,,will look to put remaining cash to work if we can get to the low 1300's this week,,,,anything below that and it'll be time to consider putting a little margin to work,,,,,the rally (when it comes) will tear the heads off the shorts,,,,,still no change of opinion,,,new highs are coming and the SNP will print 1400+ by EOY
gotta love the mo-mo's this am,,,,aapl, nflx, cmg look strong,,,let's see if they're strong enough to get a green close,,,,we may have seen a repeat of last week were the lows were put in on monday,,,,looking for a strong up week again,,,,,hopes of buying in the 1300's aren't looking too good,,,,,,,new highs w/in next 2-3 weeks,,,,,maybe sooner if mkt can lure in some sucker-shorts,,,,ROFL ROFL ROFL
today's (so i'm told) all about smart $$$ positioning for the upcoming moonshot,,,,expect more whipsawing as big players want more cheap shares,,,,if you're long,,,don't get shook cuz that's what they're trying to do,,,,,,appl on it's way to 500.00,,,,,,,this mkt has one giant put under it,,,,,as i've been telling friends,,,you will never see a stronger bull mkt in your lifetimes,,,,,
oh and btw,,,aapl will be in dow w/in 12 months,,,,just my "hunch",,,LOL heh heh heh
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