I'm starting a new weekly topic.

93.75. And it sure 'sees' this second area. That may not stop it at all, but it sure seems aware of it.

So, after the initial reaction back down to the .447 it starts to move upward. Will it sustain and head to the next level? I suspect it will. Big clue time.

Europe opens on a dump, the downtrend continues, I love it! But, is it one of those dump the open and snap reverse it deals? I'm watching...

Sorry I quit updating. You can look at the chart and see for yourself what it did. It went down to the TL, bounced up hard and took multiple shots at that second area, but ultimately it just couldn't hack it, and rolled down. This suits me just fine, but I sure am surprised we are 12.50 points off the high. I just didn't think they'd have it in them. Amazing how they like to use a news story to kick off something that was already brewing underneath...

Originally posted by jimkane

So, after the initial reaction back down to the .447 it starts to move upward. Will it sustain and head to the next level? I suspect it will. Big clue time.

Yep, look at that AMZN-type snap reversal.

Originally posted by jimkane

Europe opens on a dump, the downtrend continues, I love it! But, is it one of those dump the open and snap reverse it deals? I'm watching...

Okay, I think that higher low 'retest' on the initial drop is it, and I think it is most likely headed up now. They shook everyone out, and cleared the way. Since I can barely stay awake, I'm going to set some alarms and check this on all my bathroom breaks tonight. It sure is a battle here, let me tell you that...

Wow, before I can even quit it is reacting to that little bearish ABCD at 90.25. Watch how it handles this for the next clue.

Okay, it pulls back, hits the bounce spot, and explodes up, taking out the ABCD, as expected. Now this can really get moving. We shall see, but I know what I think they are planning. Now we just see if they can do it or not. Too bad, I was really hoping for a lot more downside...

jim, when you get a chance later, would you explain for me the concept of an inversion, and what the clues would be?

What a crazy finish. This market is just nuts. See everyone on Sunday.