Yesterday we knew there were decent odds (83%) of a rally greater than 10 handles (which occurred during globex +9.75pts). Failure to move above Prior Day High (PDH) at 1638.25 setup a very nice “short sell” condition during the Open … Continue reading
Last week we noted the completion of Wave 5 down corrective pattern concluding at 1600 handle followed by a rally taking price back to prior pivot high at 1645. Yesterday’s pullback to 1622.00 handle (Note: projected target was 1623-25 where … Continue reading
We highlighted in yesterday’s session the importance of 1646.50 “marker” as resistance…Also mentioned that the bulls were only able to hold price stable and not able to expand the range to upside. This sequence of events is not a sign … Continue reading
Friday’s follow through reversal was quite strong and pushed all the way back to 6/4/13 pivot high. Is this just a “dead cat bounce” or beginning of new up leg?”. We have no answer to that question, so we will … Continue reading
Priced reached our projected downside 1596 handle target yesterday morning by noontime, whereby a strong reversal rally began pushing price up to the upside target of 1623 – 25 zone by settlement. (Re-read prior day’s trade strategy). It’s certainly a … Continue reading
We posted to Twitter on May 30th snapshot of Head & Shoulder Topping Pattern along with post: “IF plays out THEN price projects down to 1600 (160 SPY) http://twitpic.com/cu93q8/full . With yesterday’s sell-off price got within a stone’s throw of the target…LOD … Continue reading
Yesterday’s Trade Strategy was spot on which made for a nice profitable session. Current price action reminds us of “Bricks on Ticks” where each rally attempt produces lower highs and adds more and more selling, thus creating heavier weight for … Continue reading
Last Friday’s strong selling did not continue into Monday’s trade. Aside from some residual sellers, there was no new selling and as such trapped shorts and bargain hunter buyers pushed price back shy of 50% retracement level near 1640. Recall … Continue reading
Last week’s posting highlighted the “fight for dominance” between “da Bulls” and “da Bears”. Well, we have a victor…It’s “da Bears”! We also posted on PTG Twitter potential for a Head n Shoulders Topping Pattern in formation http://twitpic.com/cu93q8/full which if … Continue reading
Successful 3-Day Cycle for the Bulls as they were able to penetrate the key 1653 level yesterday and hold, allowing a rally to the 1660 target. In Globex trade “da bears” are now pushing price back to key 1640 level … Continue reading