Friday, November 26, 2010

Morning Post, SPX, S&P 500, e-mini

Hope everyone had a great Thanksgiving.I put a few charts in a post last night. I knew they were ready to fall.

Minis possibly channeling. Getting tired.

Here is what they look like this morning. I was quite surprised/pleased to find this. If the pink channel is right, price may settle in after the open. This is possibly the start of the C leg down of 4 or worse. More upside from this fall can be in the cards as well as 4 could be over. Very tough spot to get committed. All the troubles around the globe, yet POMO still lives. Is the tops in? It is possible, but I'm not sold on it. There is an Island gap on cash near 1212.

SPX left two island gaps.
SPX 30m looks ready.