September 7, 2010

Morning Post, SPX, S&P 500, E-mini

3:36 - SPX possible falling wedge.Price could not close the gap from Friday morning.

3:32 - Minis channel down.

11:10 - minis possible bear flag - I don't like it as much with the minis 30m being so oversold. We need to get cash and futures on the same page to get a real trend.You can see the 93 level I called as support. If this cracks it should move to 88.

9:32 - SPX 1m chart.On the low volume no domestic news week, I hate the downside call to the 80 range, but that is what I see. Maybe it is Europe's turn to make the markets worry a bit.

Minis off 7 but holding here. Minis 30moversold, but the SPX 30m is extremely overbought and rolling over. Pressure should be down today. What I am seeing is a larger triangle that I believe will keep us possibly consolidated for some time.
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