After such a hard push to break the 1.236(2680) fib level yesterday the S&P is taking a breather today. It is still up there and finding support at the recent 1.146 fib level. I am not sure what today holds for the S&P. This could be the start of correction or it could be consolidating for another attempt to break the 3678 level.
Check out some of my other recent ideas for a better understanding of what is happening in the markets.
Hope this helps and good luck.
הערה
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Lunch hour rebound. In my experience (more often than not), if we drop in the morning then there will be a mid-day rally to "close the gap". The end of the day will then be down around the morning open if not lower.
Basically, - Down in the morning, up mid-day, back down at the end of the day. - Unless it is a "big" correction day, then it is a little down first thing in the morning, a bounce up around 10-11, and then down the rest of the day. - Obviously Up mornings work in reverse.
הערה
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End of day and we had a test of the rising wedge resistance. Tomorrow will be interesting.
הערה
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8:50am Thursday. Just hanging out around that resistance line.
הערה
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11am. Still testing that 1.236 fib level. So far it has been rejected.
הערה
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What it looks like at the 5m interval.
הערה
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Here is what I see. Waiting for it to break through resistance and a test of new support. Otherwise, it may not break and retreat for more consolidation or give up. However, I doubt it will give up.
הערה
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3:15pm Thursday. Making a strong test. Can it break and hold it until close?
הערה
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3:43pm. Take that you bulls. Try again tomorrow.
הערה
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End of day. I don't know, but this looks like a setup for tomorrow to gap up. The bears came at the last second, but may be too little too late.
הערה
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Friday 10am. Bulls are right back at it this morning like I expected. Fighting to break the resistance line that has been set up this week. Lets see how the day plays out and if the bears bring the hammer at the end of the day again.
הערה
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Checking in after lunch. Looks like its "bulls on parade" and this irrational government induced bubble keeps on growing. I will check in at the end of the day to see if the bears bring the hammer near closing.
I love reading your posts mate. Please keep them coming as much as possible, and all the best to you.
shkspr
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I guess it's just consolidation because anytime market wants to fall, a secret hand manipulate the market and also consider all the money flowed to market last month. It should fall soon if it be a free-economic, but it's not
Dr_Roboto
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@shkspr, I am just patiently waiting. The market likes to make a retest in the following day or so. I think it will be back in the red by close. It is tomorrow that a chance for a serious retest will happen IMO or a bigger drop. I do feel you frustration with this "fake" stock market. It became detached from reality quite a while back. It is pretty hard to buy stock that you know are way overpriced. Heck, even technical analysis is having a hard time predicting the market. Right now it just seems when in doubt assume up ;)
shkspr
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@Dr_Roboto, I agree with you, I should be patient too, as you mentioned indicators and fundamentals not working properly, it's more like Alice in wonderland.
wish you all the best mate.