Tuesday, June 16, 2009

The Catcher of The Fly

If you have ever wondered if politics and politician can get even less attractive – today’s Fly Hunt in The White house just gave us yet another example.

Imagine world leaders who will be forced to shake majestic hand and the only thing they will be thinking about would be: “Has he washed his damn hands after that fly?” (“Fly?”)

Anyhow, lets talk charts – a little bit of history today.

On March 16th I posted this chart ( Post Day Trading /ES off an Hourly Chart )


Today, when I was looking at my current hourly chart I saw some kind of blue trendline and suddenly realized where it came from.  Yup – the very same “creative Art” trendline placed on the chart 3 months ago…  Talk about usefulness of technical analysis properly applied…


Enough of history for now.


What we have on the next chart (SPX daily) is

1. Yellow circle which was my target area for the last 2 weeks is right on…thou 4 days later than I expected.

2. TDST Resistance 911.93 (support now) is right where SPX settled today.

3. descending red trendline is right there

4. Fib fan 62% area is close by

5. Yet another Fib Fan 38% is right there

6. TDST Resistance 920.28 …you guessed – right there

Tomorrow I would expect SPX to drop to 903area and then bounce to at least 912..and we’ll take it from there…

Oh, by the way, that “blue trendline” points to 886 area…hmm..


Oh, one more thing, that last 6 weeks formed one hell of an “S” top which is no less dangerous than “Black Swan” pattern.