Daily ramblings

12:45 PM
faz survived exactly right at the .63 support level i mentioned...first daily target is still 19.97/20.03, then 10.23 if it can get over the 19.86.

the last 2 hourly spx candles suggest tiredness from the bounce, not tired from the move down...the dojis came AFTER a green up candle, not after a red one

nevertheless the
15min chart warns of possible upside
break of 1084 is possible....that could
propel to 1092/94.  but until the bulls
do something, i remain bearish for
the coming hours / days

the 15min is
putting in a lower peak on the second
high on hist....no worries for the
bears yet...until the bulls break over
the R levels, bears are in control

9:18 AM
For SPX (not ES) spx 1072 is key area for bulls to hold. Then 1066 and 1040. The uptrend continues even if SPX gets to 1040 but holds 1040.

8:59
the 15min ES did have a bullish divergence with the 2nd low at 1072, but it was slight, and we might have already seen it manifested with the spike to 1080.50 being the end of that divergence.  still expecting the 8:56AM and 8:38 bearish scenarios right now.

8:56AM
charts right now point to a break of that 1072 to 1070/69 if bulls don't do something here soon.

8:38 AM
Bullish:    Break over  ES 1078 for 1081, 85,87,90,94,99, with 1081, 1091, 1099 as the key numbers. Then 1103 up to 1120 if the 1099 breaks.

Bearish 1:  ES stays under 1081 for 1076, 1072, 1068, 1063, 1058.
Bearish 2:  ES pivots higher up to 1092 (or any lower #), then 1092 holds as resistance and Bearish 1 unfolds.


8:35 AM
For the day, I remain bearish as long as ES is less than 1092 today.  I'll allow up to 1092 for bearish scenarios that point to a pivot lower. Over 1092 and 1094, 96,99 would be bullish targets.

8:33AM
ES did break over 1079 just now and puled back at 1080.50, just 1/2 pts from my first target. meaning the 1079/81 R is holding it down.  Also the 1080.50 held with a shooting star, which is bearish.

8:23AM
ES made a low last night of 1072 and is now at 1079.
ES is testing 1079 right now. If it breaks over it,  then 1081 then 1086 are targets. the ES low last night was 1072, it's possible to see that level re-tested also today if prices pivot lower.


* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".