At least we have a Sunday session to work with... Given the run up into the aftermarket close on Friday and the 'news' that the joint Israeli/US military exercise will be postponed, the market could really gap and run. On the other hand, we are hitting into a super-key area for the intermediate-term, and if the 'top' is in, this is an area it really should roll down off of. I think we are at a crucial time/area. I'm looking forward to this week.

Wow ES hits 1311

They don't seem to care about technically pretty, or dumping. Recall the areas I mentioned before. Notice, too, how they are fighting over themselves to buy financials. Financials! Still, watch in here very carefully.

Originally posted by jimkane

Nice charts, crew. All I can say is, if they plan to dump this, they have to do it here. Okay, they can actually dump it anywhere they want. But from a technical perspective, this is it. If they want to do it pretty, they have to do it now.

The first level is hit and stretched, and doesn't act like it will hold. The next level is the big one for me. If it gives way, I think the odds do favor new all-time highs after that.

Originally posted by jimkane

...I then have around 1307.75-8.75 or so. Then I have 19.25-22.50. This is the 'super-key' area because of something that comes from the weekly charts, even monthly. If that area, or something in there doesn't turn it, then I think it is possible, even likely, we may take a shot at the all-time highs....

Posted-01/13/2012 : 16:22:23

Originally posted by jimkane

My next levels are 92.00-.75 and 98-99, give or take. Then it jumps up to a higher timeframe, and those low 1300's levels from way back come into play. Then it really gets moving...

Note how easily the Russell, Midcaps, Trannies et al could hit new all-time highs on any big burst up from here.

Definitely possible they could sell it off here. Not likely, but slightly possible...

Everyone understands that I was not trying to quantify what I felt the actual odds were there, right?

All that matters, though, is not that it started down nicely there, it's how it handles 9.00-.25, to maybe 8.25. If they come back in for it, up it goes. They need to crush that first key support area. Watch this.

See how they are reacting right off this area? This is not seller domination behavior. Not right now.

This is exactly the kind of price action one would not want to see if they took a shot off that high. Notice it battling that little 1-min overhead TL.

Interesting, huh? No matter what it does, it went right to the first key spot and line, and went up to the key line, which overlaps that TL, and it just squats in there, playing line ping pong. Let's see if it breaks down. What a 'W2' test that would be.

It couldn't reach for the level I was watching, that will have to wait for Sunday night GLOBEX, but it did set the new high for the entire move by one tick! These guys, they are so funny. See ya all Sunday.