Nasty HnS on the 1m RUT (This should make Inc happy I posted this). 690 target.Looks great, BUT past 5 wave falls have been greeted by a pop, drop and then ramp. If the blue support diagonal fails it could get interesting.
Minis and SPX are out of the channel indicating danger. 78 to 80 is the resistance area on the SPX. Anything above that and bulls may ahve a field day. If it stays below that the bears will have the ball. I am expecting a range bound day to down as no POMO will be released today. Possible large wedge in play (see top and bottom green diagonals. Pink line has been a support line off of the 09/08 lows.
And to those of you wondering why the ramp - the dollar. GDP announcement launched the dollar and it took the markets a few minutes to react to catch up.
Let's see what GDP has to offer before we make any calls or post any charts. No POMO and several key data points this AM will set the tone early. Elections will set the tone late. DOW futures sitting in a precarious spot on 11,000 support.
I will be leaving at 10:30 today for the day. I will be carving pumpkins with the Little Shankys at school then headed across the state to watch my nephew play some HS football.
I ope everyone gets more treats than tricks this Saturday night.
