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
“Da Bears” made another attack yesterday pushing ES down to 1640, which is a critical “line-in-sand” for Bulls. Intra-day retest of that level resulted in a higher low as there were no new sellers, thus trapping shorts, forcing a short-cover … Continue reading
Bulls attempted to re-establish dominance yesterday with a strong gap up opening, but could not hold the Open Range. This does not bode well for Longs as “Da Bears” came out of their caves growling. Probabilities favor an retest of … Continue reading
The recent retracement from the key reversal day last week has only measured approximately 33% and has not shown any signs of renewed bullish strength. Perhaps the long holiday weekend had something to due with that…This week should either reinforce … Continue reading
Yesterday’s bounce retraced about one-third of recent decline…not very impressive given how strong bulls have been. That said, a retest of 1632-35 zone seems necessary to determine if there is solid footing for further up for bulls or whether there … Continue reading
Our comments past few days has served us well as we remained vigilant for a “sharp reversal”. Shortie having been squeezed out during early Bernanke testimony only to reverse sharply as “Uncle Ben” responded hawkishly to question regarding the Fed’s … Continue reading
Based upon 3-day Bullish Cycle there is potential to reach upper targets measuring 1681.00 – 1685. IF prior day high (PDH) is penetrated THEN that upper target is “in-play”. A failure at PDH would setup an intra-day reversal to retest 1660.00. IF the 1660.00 level … Continue reading
Key “Line in Sand” for Bulls as stated in Tuesday’s trade strategy was 1659.75…Low of Day (LOD) was 1660.00! Bulls defended that level aggressively during day 2 of 3-day Bullish Cycle. Persistence until Resistance has been the ongoing theme and … Continue reading