Based on the intra day chart we may be forming a continuation pattern here that will lead prices to possibly below 85 where I will give it a try again. We have been making new lows but very marginal on each new push lower. Advances are getting smaller, much smaller, and declines are getting a lot smaller as well. Its coiling here nicely and could still go either way. Many things are pointing up but the hesitation to breakout of the very tight channel towards the upside has me a bit concerned that we may have a big washout coming before finally making a move higher - whether this will be a retracement on the daily chart to continue lower or of course a bigger leg towards the upside.
Sorry for having been so focused on FX markets recently. I will be posting more SPX updates soon as well.
Someone needs to kick this market as it is like watching paint dry this week.
ReplyDelete-Kat
lol yeap ... its been quite "boring" the past 3 days. Consolidation before going higher? Not so sure to be honest.
ReplyDeleteThere are many different scenarios playing out at the moment, primary one is still for targets in the 1140-1151SPX range. If this were to play out - we could be developing an expanding continuation pattern that could lead us 200SPX points lower. I'll post some charts in a bit.