This market could still start to recover and make a C wave run.
Hard to imagine but until Monday morning's lows are taken out it is
still a remote possibility.
The only thing that makes sense for this to happen is that
tomorrow's jobs number is so much better than today's fear
believes.
I mentioned the 15 min 144 sto broke hard today, well it
actually cracked 80 yesterday and hung just below that line all
day. Matt and Steve tell us to watch such things but when they
occur they leave it up to us to act, as they should. I think a
posted comment on that though would have been appropriate.
This looks like some kind of retest of the lows on Friday. For
some reason, lows are always retested before moving higher. The
market should still go to 1108 area and perhaps higher, but I am
not betting my money on the long side for it.
FWIW
Posted by perthx on 4th of Feb 2010 at 10:36 am
This market could still start to recover and make a C wave run. Hard to imagine but until Monday morning's lows are taken out it is still a remote possibility.
The only thing that makes sense for this to happen is that tomorrow's jobs number is so much better than today's fear believes.
I mentioned the 15 min 144 sto broke hard today, well it actually cracked 80 yesterday and hung just below that line all day. Matt and Steve tell us to watch such things but when they occur they leave it up to us to act, as they should. I think a posted comment on that though would have been appropriate.
This looks like some kind
Posted by junkie on 4th of Feb 2010 at 10:47 am
This looks like some kind of retest of the lows on Friday. For some reason, lows are always retested before moving higher. The market should still go to 1108 area and perhaps higher, but I am not betting my money on the long side for it.
FWIW
Posted by rbreese on 4th of Feb 2010 at 10:41 am
The fear in Europe is starting to become more pervasive IMO. Good luck.
i agree - this is being driven by more than the unemployment numbers
Posted by macnsc on 4th of Feb 2010 at 10:45 am
Thanks that's really helpful; I
Posted by oreo on 4th of Feb 2010 at 10:40 am
Thanks that's really helpful; I think we'll all be watching Mondays lows for clues!
I'll add the 144 sto to the chart; another good weapon.