Yes, I know I know – we don’t trade for excitement, we trade for bread (Remember “Knish” from “Rounders”?)
But, no matter what – today was as boring as it gets – with mandatory Monday gap up on yet another Bull[t]urd’s currency bashing in form of proposing of endless MBS buying in “prospering” economy (WhoTF is still listening those MoFo who cannot even lie convincingly?)
Anyhow, just wanted to post few charts to demonstrate that longer term bearish picture has not changed…yet…
weekly ($SPX) holding risk zone of last TDSequential Sell 13
Daily ($SPX) under w3/wC target of 1113-1115, under current risk level around 1112, RSI under 60 in spite of up day
Lower timeframes do not give too many keys except for consolidation after buy setup on 15 min (weakness into close)
But here is the question – is this volume attributed to bottoming process OR issuance of gazillion shares by UUP and therefore buying futures contracts to back it up?
11/24/2009
Futures approx. BO
Daily Range Projection
Low
High
/ES
1097
1118.50
SPX
1100.55
1118.07
/NQ
1777.25
1816.50
NDX
1787.25
1806.24
/DX
74.735
75.545
Oh…and I just become Bob Prechter’s friend…not really – just an affiliate (that was easy) and they are giving away Fibonacci E-Book http://tinyurl.com/yhftjpz