After scalping some nice overnight profit on the ES and YM, I went flat into the day waiting for the reports. Take a look at the ES chart - captured about 30 minutes or so after the INTC results.
I think we may have a real double top forming here and this might be the confirmation. This chart - a 60 minute view - shows a double top forming across the last 6 sessions. If this plays nicely, it will see rejection tonight below the 114875 level and drive lower through the begging of next week. A double top typically forms over an 8-12 day session - so it is a candidate.
Note the low volume today relative to yesterday and the day before. Also, we may have a divergence in the RSI when comparing to two reaction highs. Support at 114000ish is going to be key - if it breaks, then we test then we see the 113000ish level again - which would be very nice.
If we see a break higher, then lookout. The market will be sending a very clear message - it wants to go up!
I'll be watching tonight.
6 comments:
Good luck Dave,
I'm having a break, but sneak in once a while to see this market going up even if we close the country and throw away the key.
Today should have been a down day.
But I might be a simpleton.
But up again....
Will it ever correct?
Hi Paulus,
It is good to take a break from time to time - I only wish this rally would do the same!
I'm getting alot of down signals for tommorrow...
Hi David , I smell it and feel it , I know that is not TA ,
Solar BS or not New Moon and a Part eclipse Friday,
Lets break that tend line and get past the Helicopter Monday,
Nice $ action tonite....
Knockem Dead out there.
Paulus watch for a break of the support line , when it breaks it should be a Big Deal ...
Good Luck out there
Payline,Dave
Thanks.
Will keep an eye on it.
But only when the wife is out or asleep, as I know when see sees me checking the market on our holiday, I will be having the "correction" big style ;-)
Good luck out there!
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