2660 - Very important area to watch. Few plausible scenarios. Watch for fake breakout above the trend line into .618 fib
1. They closed it above 2660, then futes rollover trapping bulls.
2. Target Area 1 - Could be LPSY (Last point of supply) and conveniently the .618 fib
3. Touch of the trend line and .764 fib triggering short covering and final upthrust to Target Area 2, which is the open gap on SPX and viable double top.
4. Target area 3 - New highs BEFORE market open and a massive move to obliterate shorts and trigger margin calls.
What I am sure of. It's going to be a wild ride starting Sunday. I expect the Dollar and Oil to be at the forefront of the action.
My overall thesis, Dollar explodes up, which crushes the market and oil after any move up. Oil crash could trigger derivative bubble burst because of net long specs.
1. They closed it above 2660, then futes rollover trapping bulls.
2. Target Area 1 - Could be LPSY (Last point of supply) and conveniently the .618 fib
3. Touch of the trend line and .764 fib triggering short covering and final upthrust to Target Area 2, which is the open gap on SPX and viable double top.
4. Target area 3 - New highs BEFORE market open and a massive move to obliterate shorts and trigger margin calls.
What I am sure of. It's going to be a wild ride starting Sunday. I expect the Dollar and Oil to be at the forefront of the action.
My overall thesis, Dollar explodes up, which crushes the market and oil after any move up. Oil crash could trigger derivative bubble burst because of net long specs.