10:35 - RUT - see the dashed red line with the spike thru it? Looks like something smelled reallybad above it and it retreated quickly leaving a hammer on the 60m chart. RUT is about halfway back thru the gap from this morning. I like 619. Don't give up on the bears just yet as we still have to get thru the low volume lunchtime ramp. It is quite possible that the markets just fall asleep this afternoon as traders leave early for the holiday weekend.
9:49 - SPX 30m stopped right at it's upper BB. MACD whipsawed this morning and other indicators are diverging. The 4hr (yes 4hr - or 1/2 day) is very toppy with S Sto in knots and RSI over 85. MACD is still climbing , but with the signal line over 10 (TEN!) in rarefied air a pullback of some magnitude should be in order. I do not think this is the top. I think we're in a 5-3-5 up to finish C of 2 of P3. She is overthrowing a wedge and is peaking at the resistance line (yellow dashed in the longer chart below). I think the 60m indicators are showing a blow off top. I think sooner than later she pulls back to the 80 to 71 range before the final thrust up to the 17 to 30 range. Could go as high as my old 40 target. I want you all to know that it pains me greatly to say that and I'll throw in the possibility of some horrific global economic development (Greece default or war or terrorist act) that can happen to reverse this at any moment.
9:41 - See that big red line off the two tops - that will be the max (if it even gets there).It is cutting thus at 67 right now. the daily 200ma near that Island gap I used to cream about so much at 1117 should be a major level as well. I still like a backtest of that green diagonal (the old bear market resistance line) to mark the bottom of the first wave down and the launching point for 2 of P3.
9:34 - 56 point ramp with NO retracements. AMAZING!
Morning! I'm doing big blog post.
Minis larger HnS with a possibly smaller HnS completing the right shoulder is what I see. If you are into symmetry we might churn in the range for another month. Possibility of maybe 10 points more to the upside. Let's see what the jobs number does before we get ahead of ourselves.
