Thursday, 16 May 2013

E mini S & P: If you want more upside right now your just plain greedy. Now comes some sort of correction....Then my ultimate target pitchfork...

Perhaps we will see a small spike towards 1658 then some sort of correction. The fact that yesterday (and indeed the last few days) the market appears to have been on steroids worries me  and last evenings( Europe time) immediate sell off/ deep retracement of yesterdays move up supports my view and I am now growing (short term) bearish. My indicators are (as always when we see a continuous move upwards) nearly useless and pure fluff and should not be relied on and the short term stoch ribbons have been 'lost' in many time frames stuck on the ceiling.
Here's my ultimate FNL pitchfork for this bull run with a potential Cl objective around 1740-1750 but we may of course fail before we get there at any point..weekly and daily charts:

 And heres a more detailed look at the reaction/median line matrix that presents itself today showing one down sloping reaction line in particular that interests me at 1657 in the lower of the 2 charts below. Video to follow....

No comments:

Post a Comment