From what I'm seeing, 4200 area still looks to be the target. Today's selling is not impulsive, and with the rsi being low again, chances are tomorrow we rally yet again. Gold may continue it's pullback to 1940 area, bonds may also continue selling off, Oil is at resistance but it could pop above with the general markets. BTC looks like it wants one more high. Good luck!
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potential count could be finished here.
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both IWM and DJT weaker today. I like them as possible leading indicators. IWM also looking like a bearish pennant type formation. Maybe leading
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the day ended with a bear flag formation, if we drop overnight or tomorrow we may finally break the channel. we'll see....
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futures broke the channel last night - we may go a little lower perhaps but then a retest of the channel is likely. 4hr rsi on futures is again, quite low.
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I'm expecting something like this today. If true tomorrow may be a larger gap down.
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tomorrow lots of news at 830am us.econoday.com/byweek.asp
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OIl likely making a topping pattern here as well -
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this still looks like an abc to me, slightly over the trendline is no problem. it looks like a bull trap and stop hunt right now.
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this is how it looks at the end of the day. was it just a bull trap? I can't tell just yet. numbers at 830 tomorrow may tell us more.....
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sell off overnight, but again the 2 hr rsi is very low. If we sell off after the numbers I expect another rally after open to test the channel at a higher price. Target is still 4200 area, but it could slop around a bit more.
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possible near term count -
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it's possible we broke out of this channel and we just keep going up. The other possibility is fall into close today, but either way I don't think the market stays down.
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channel seems significant
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yes, it continues. bears in trouble...
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wow, big sell off, no idea what the news was, but if we look at the levels we may see a head and shoulders top with a target of 4075. If they continue selling, that would be strong support.
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channel test again - what a chop fest this is. SO far it's holding....
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futures 4 hr rsi is very low, I expect a retest of the channel by next week - around 4200
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lower channel trendline reached, I still think we'll have a rally soon, maybe I'm wrong but rsi is quite low on mid time frames...
