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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
David Dube
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
“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