All in the video, SPX likely wants to get to 4200+ sooner or later to take out more shorts and convince bulls we will rally much further. I expect a choppy week with CPI on wednesday and claims on thursday.
us.econoday.com/byweek.asp
Good luck!
us.econoday.com/byweek.asp
Good luck!
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opening is already showing hourly divergence, they may have a rally to 4160 area first but I think a pullback today and maybe tomorrow will come. How much is still hard to tell.
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qqq may breach the upper trendline before a reversal to the lower again.
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as of now I'm expecting this. 30 minute rsi already oversold, hourly should be next. If the 2 hr comes down hard for such a little move, you know there's something wrong on the bear side.
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boring day, just consolodation. Probably going higher even if we pullback the hourly rsi will be oversold.
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houurly rsi on futures already getting quite low. A b Wave may take today and tomorrow to complete like this
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so far buyers stepped in, let's see if they can get back to the highs of ysterday again.
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I think we're ready to break out of range. a Fake out first (blue) is possible. Either way I expect a downmove into next week regardless of first reactions to the numbers today or tomorrow.
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Blue path looks correct, no matter where it goes it looks like a B wave with a C to follow. 4 hr rsi getting sufficiently reset for a fall.
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looks like B is done, C would get us to 4k-3900ish
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One more high for B is possible, wouldn't surprise me, they are trying to get the majority out.
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If they sell this hard into the end of the day the rsi will look too low. Keep in mind we have PCI and jobs tomorrow, so another move up tomorrow to get another high is possible. RSI still seems to be too low.
Comment:
i don't like the looks of this as a bear, I'm done for the day.
