Steve, I thin you posted last week about the 'mystery' pumps. It would make sense if there was one more today to kill of eager bears, and to draw in yet more eager bulls.
Then the market makers will let it go (about now maybe?) so they win both ways. Let's see.
Re-testing the futures highs has the added advantage of flushing out everybody watching just the cash market. In DJI we came almost up to the August highs. This is how wave 2's operate. The pattern of 2:00 rallies over 7 market session suggests some sort of support. Taking profits now would make sense.
You were spot on again, there is wave v.
ReplyDeleteSteve, I thin you posted last week about the 'mystery' pumps.
ReplyDeleteIt would make sense if there was one more today to kill of eager bears, and to draw in yet more eager bulls.
Then the market makers will let it go (about now maybe?) so they win both ways.
Let's see.
Re-testing the futures highs has the added advantage of flushing out everybody watching just the cash market. In DJI we came almost up to the August highs. This is how wave 2's operate. The pattern of 2:00 rallies over 7 market session suggests some sort of support. Taking profits now would make sense.
ReplyDeleteSo, do you think we see new highs today or tomorrow. If so, I will need to trim some short positions to stay within margin levels?
ReplyDeleteThanks.
Gary
ReplyDeleteAn impulse wave in SP futures beyond 1132.75 would really surprise me and take me out of the positions I just put on.
Well, please keep me(us) posted Steve. Many thanks.
ReplyDeleteDow cash needs another 20 points to reach the level on 19th Jan of 10736. High in August was 10720 I believe.
ReplyDeleteHopefully plenty of reistance here.