Welcome back everybody! Good to see so much activity and some new faces here

There was also a lot of action in the market while I was away. The basic question is, as Jim pointed out already, whether Thursday's 3D ended in a meaningful PTA or not. The best lines I could find for this area are following:



They don't look very convincing and there is no pattern, so the reaction at the current area should be very important:

On the higher timeframe this may still be going for a retest of the upper ML of the downsloping set:

Originally posted by jimkane

And no, I don't expect that to hold. I expect new 'bulls#%&' market highs ASAP.

Can't you wait till tomorrow?

Oh, I meant over this week some time. It's 'odd' to see this struggle, and even check back 2.25 points, as it retests the set you just posted (this is different than my 120-min set). It's hard for me to even comprehend a downtick. I know they bring it down to accumulate at a better price and hose the suckers, but it's still hard to grasp because I sense they want up, they plan to move it up, up is the only true direction, and down feels so 'odd'. This, from perhaps the only person on earth that likes the short side more than roofer. But, I know what they are doing, too, so I accept it (with great frustration, since I prefer 'free', balanced market action, even if it is not as 'easy' to trade).

.447 at today's pullback low

Another burst up, as expected. It did rise until cash close, as I mentioned. My 'retest' area is around 28, but I don't see anything happening there. I'll stay with the upside bias into the after-cash, and see what it does. I expect this to rise until new 'bulls#%&' market highs, which, at this pace, will be overnight in GLOBEX or some time tomorrow. As they say at Zero Hedge, which has become a common saying everywhere now, BTFD (buy the effin' dip).

While I was typing that 28 gave way, as expected. Now we see if it was just by those several ticks, and it's done now, or if it keeps going. You know how I've fixed the odds.

ES hits the high tick of the day...

Now, why do I think we will see new 'bulls#%&' market highs? Because the market has been up 12 of the last 14 first days of the month, with a bit over 92% of all the gains put in on those first days. Under 8% of all the remaining gains have been on all the other days combined!!! Tomorrow is the first, the market is strong, and it closed at the highs. Tomorrow 'should' be up like 20+. 1350 anyone? We'll see. Just some thoughts.

And notice, another close basically at a key area... Hmmmm.

Not sure if this makes sense or not.....is this aiming for the upper line, or is this area a trap?

Futures starting to move up nicely, at another new high for the move off the 3D. The main key line area is now breached. Just staying long side bias, waiting on the new high for the entire 'bulls#%&' market. Too easy...

iwm bounced at line, at .941/ .618......how far will the bounce get? interesting how the new schiff set sits right on top of the last one....