Monday, November 23, 2009

Some days are more boring than others

2009-11-23_2214

 

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

 

2009-11-23_2224

Daily ($SPX) under w3/wC target of 1113-1115, under current risk level around 1112, RSI under 60 in spite of up day

 

2009-11-23_2226

Lower timeframes do not give too many keys except for consolidation after buy setup on 15 min (weakness into close)

 

2009-11-23_2228

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?

 

2009-11-23_2230

 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

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