This is an excellent post from your maybe excontrary indicator.
The possible good: We are at may be a long term bull flag for the S&P. This is within the flag part a high base that has formed. We are aproaching the top of the consolidation off of a triple bottom and failed move. Very bullish.
The possible bad: We are also aproaching the double top area of 1470 which is heavy resistance. Yes heavy resistance.:suspicious:
The possible ugly: A failure to break out above 1470 will be a tripple top failure and big breakdown. I think it may be the formation of a MA pattern and we have a 95% chance of going all the way back down and them some.:worried:
Now whats going for us is that the weekly's are looking better (high base) and unlimited QE3 that could even stop the A pattern from completing. We are not overbought but still have a slight bearish divergence. A gap tomorrow would solve our problems, but today we moved less than yesterday, but time gives strenght. Okay opinions on these comments and charts are welcomed and are even asked for. Help our members decide. This is what I have and hope it's fair view what may happen.
I'm trying to sleep later and may miss market open while fixing my breakfast. Coffee is fine by the way. With the later breakfast I can delay lunch and not have to eat lunch early at the alley. I do have to eat lunch left handed though. I also changed my way of preparing to practice in the later part of the 15 min practice time as I arrive at the bowling alley a little later to stay here for the deadline. I leave my bowling balls in the truck to give me more time also. May have to rethink that when temperatures drop more. So Wednesday is the only day I have to decide early.
This morning it looked like the market was trying to get people to jump in with futures being up. It didn't work so far or can the Plung Protection Team buy futures?:notrust: May be a false intraday high. I don't know but I'm guessing. I would like 1% more drop to satisfy the triple top. Never know with QE3.
