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adamantiaf [Moderator] 35 minutes ago
1 person liked this.
I don't really agree here ..this market is severely overbought and looking at the 30 min is too granular to make any conclusion. the Chi osc can be stretched way over the top or underneath at that level. If i had to guess, there will be a strong sell off tomorrow followed by a touch and go at 1,150...if 1,150 doesn't hold then 1,110 could be the next logical support.
I still believe this is a rounding top, and today may very well have BEEN THE TOP. If what I said above plays out, the next attempt to break 1,150 will fail, and a head and shoulder would develop. Either way cobra, i think bears have been thoroughly flushed out, and big boys have been unloading this past week.
In addition, the gaps that you have listed WILL be filled...and believe me when I say this...the lows at 666 will be decisively broken on the SPX. Stocks will retreat to new all time lows, and nobody will buy.
We all knew this couldn't go on forever, it's just a matter of when will this bloated pig finally fall.
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