Sunday, February 1, 2015

My Daily Notes - Outlook on Post SuperBowl Monday

*****Watching the opening of the $ES_F March futures, the picture has not changed. This pattern the M once completed usually reverses and test somewhere in the middle. But there is a larger picture forming .. the reverse H & S which is the next possible play.

The $DJIA overall still holds the key: Hesitation or a possible draw-down challenge. Can it hold the supports or will it succumb the 17135 area in which case th 17000 will come into question. Of course the 17428 will have to be topped for a reversal.

The S&P500 ($SPX) has the 1988 but the 1972 is likely to be tested, below that we'll have a possible larger pattern to complete.

All eyes are on the bouncy ball of the $NDX, take a look at the daily chart. Its darling, $AAPL, has come in with great earnings, yet the finish is not certain with all the other techs under scrutiny. Watch for tighter support bounces and resistance tops before the breakout/breakdown can be predicted.

Happy Trading, Living and Dancing

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1 comment:

Unknown said...

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