Two targets down so far from a 1347.00 entry yesterday (1347.50 was a market profile level yesterday...we bounced off this level twice)........ http://www.charthub.com/images/2006/10/03/ES_317_VB.png http://www.charthub.com/images/2006/10/03/ES_317_VB_2.png Keep her going Pabst.
My call isn't a "prediction" but rather a response to a unique technical situation. I could just as well wind up long if my resistance areas are penetrated. My best "guess" though, is we don't see SPX trade above 1349. On the other hand I'm QUITE worried at how many share my bearishness. My sell signal is powerful enough that I'm ignoring sentiment as best I can but if based on sentiment alone I'd be afraid to be short.
Making a call for a top is certainly a bald decision, respect. I would only attempt to allow a bearish bearish sentiment in my decision making once we start breaking low horizontal of the monthly channel. I personally think that would be a lot safer and by that time it would be a lot more difficult to hold back sellers.
More rotation out of QM and other oil relateds. Patience. With oil now off 25% from highs and SIFs at all time highs, what do you think the odds of the FED cutting now are? Exactly... Watch ZN and particularly ZT and ZF catch up. Look at Eurodollar futures... nitro