So the line from my Friday's chart finally gave way with the close below it. We may also treat the last bounce as a return move and KIG to the trendline connecting major bottoms:



Let's see if the dark forces Jim has mentioned here so many times will really be able to counter the mounting downside pressure ...

SSO and poss abcd targets

almost EVERYTHING i trade is at make or break based on the tools...quite a sight.... i could post 50 charts....

example

If it will break this will rather be a hard break. This is the possible S&P count at the moment. We are at 38% retracement of such W1 almost at square of price and time:



Jim - would you allow for such small overthrow above the 1.128-1.272 area at D point of the potential W2 expanding ABCD?

What is also very interesting is the following 10Y notes chart:



We are sitting right on the 93% line after completing a nice small ABCD on daily.
Is Fed really going to get things out of control which would cause the rates to reach the rising ML which is currently at 4.3%?

SDS

quote:

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Originally posted by jimkane

Futures up nicely. 1060 area tomorrow, or higher? Ramp into and after the Fed announcement, then down the next day and from then on? Be a cool scenario, if it unfolds. Be really great if it somehow formed an ABCD on the way up...

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Hmmm, HOD was only 58.50, I'm losing my touch. Somehow, though, it just seems like they will run this up tomorrow in anticipation of the Friday jobs report. But, I can't see them selling that report no matter what, because they are buying bad news again, and the gov will explode it if the news is bad. So, how is this going to go down over the next few days? Is this selling here giving it a base to launch off of for the next few days?

BTW, watch right here at 44 half (and if it does another little push down, to 42 half) for a possible bounce.

quote:

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Originally posted by jarek

...Jim - would you allow for such small overthrow above the 1.128-1.272 area at D point of the potential W2 expanding ABCD?

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Yes, I go for the spirit of the pattern, and will allow a little variance if everything else is just right for me.

jarek, also note that your rates chart is the setup from the Oct commentary, and the notes I made in last month's commentary about them not letting rates go up (maybe they don't control long rates as much as they think they do...) put us on the same page with this one.

ES 43... Now we see.

Okay, 67 was it. See ya all Monday. Great posts, everyone.