BullBear Trading: Stock and Financial Market Technical Analysis

1/31/11

 

Closing Comments:

The markets are clearly not in tune with one another

Meaning the SPX and DJ-30 are quite different from the ES contract

Due to the after hours (last nights drop on the open)

Today

the DJ-30 retraced 40% of the big move down on Friday

the SPX retraced 44% of the big move down on Friday

the ES retraced 57% of the big move down

 

as such we have entirely different patterns

the SPX and DJ-30 are  clearly pointing down

the ES is pointing up to 1294.75

 

I wasn’t impressed either way in terms of direction

Although I’m marginally biased to the upside (ES 1294.25 -1294.75)

Marginally

It could easily change

 

Time frames are still problematic

Only the daily chart  nears any feasible time table

 

Crude:

If 92.84 stays intact as the high on the overnight

We should see a strong reversal back down (83.44 – 84.00) in the next few days.

 

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Replies to This Discussion

I am somewhat more bullish on SPX than you are but I agree that that can change quickly.

 

I agree that crude oil should end up being a nice short.  Panic news driven moves tend to be sharply reversed.

Long Term

the DJ-30 reaches 14637.46

 

The Key is if the SPX stays above 1219.80 on the current move down..its a coin toss

if so it after this move down it runs up to 1373.85

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