So here comes another up Sunday night GLOBEX/Monday - what a surprise!

as you all know my target was 1219 cash... sold geometry... stop break even... back to garden....

I hope this one plays out for you, roofer. I have a feeling they want higher...

Let me rephrase that. The market is again stretched. It has hit into my areas, and it is time for it to come back in a bit. It is weak today. Everything is in place, and it 'should' be dropping. But it isn't. They have come in at the first, tiniest support, over and over and over. Maybe this breaks, but several times they exceeded it by a little and uncovered essentially no stops. Many times that has the market reversing strongly to the upside. I'm just saying, this isn't acting the way I would expect in this day and age of high volume, sharp selloffs. That has me thinking this may be a trap and they want to gun it back up a bit. Just a thought.

But if it was going to roll, this could be the place...

I know this is of limited use, but my levels below are 9, 7, and 5.

Originally posted by jimkane

But if it was going to roll, this could be the place...

The curious thing is how it did use that spot I mentioned to do the roll to this 9 area. Whether it has any more to go we'll have to see, but at least it did what it did off an obvious spot.

Watch this closely. 7.50 has been hit, essentially my middle area, with volume divergence on the 1-min chart, and it's starting to bounce. What it does here will tell me a lot. Set up the key area for the bounce and watch what it does there. And by watch what it does, I mean if it comes off the area, which I would expect as likely, set up the next pullback area off that (this would be a pullback for continuing the uptrend). The real key is what it does there. Make sense?

Okay, the area at 10.50-10.75 is hit. First step, see what it does here. After that, see what it does if it pulls back. I rather suspect the 'correction' is now over, but I'll let this play out and see what it does, reading the clues along the way. Did you have the same area I did? So, now set up a pullback area to watch. It likely won't even pull back off this spot, which will make the intentions very clear to me, but if it does, watch the area of the pullback and see if it drops below it, or rockets off it.

Right back to a .382 to the tick, and up like a rocket, back to the key line there. It hits that on a 'retest' and drops like a rock. How's that for a clue?

Down to the .886, and they come back in. Let's see if they bounce and roll to e new LOD, and maybe shoot for that 5 area, or run it back up on the .886 'retest' of the LOD. Not a lot of selling conviction now is there?

Great charts, roofer. My area from yesterday did hold, and it did put in the lower high, for now. Very impressive. I guess the 'news' was a criminal probe into GS. Slowly they seem to be losing the ability to ramp this on bad news. It's probably just a temporary lull, but at some point this house of cards is going to implode, as they always do.

My students should be able to see what this gave me into the big area from yesterday, to get me ready for the short side off the GLOBEX high.

BTW, AAPL rolled within 6 cents of the .886 off the high, by my chart. 6 cents! Incredible.