hey dudee, the s&p was bearish yesterday and last nights and today move says it has more to go up. It takes too long for me to analyze it, so i didn't today. I can tell you the trader chats i've read suggest some were relying on the neckline breakdown on the S&P H&S in the 1495 area. because a lot of people were watching this, and because the index is now above the head, it looks like it might run significantly higher even though it makes no sense.
i might try to analyze it this wknd if not busy.
watching silver for now, longer than i've been for a long long time as of this mornings post.
I agree, the upside does seem limited to 5-10 points in the S&P right now. It is amazing how the market is being propped up every single day. And it seems like the mining equities won't be going anywhere without the correction in the general market.
I don't know, chem. It sure looks to me like it's coiling for a move, but I'm not yet convinced it's going to break upward. I'm still suspecting one more flush down before silver takes off for the big uptrend.
It definitely is coiling to do something. On Friday, I thought I had it pegged for a bullish run. It did try to make that run but got slapped back.
Although, the dollar seemed to make a very strong bullish move, which is bad for silver, when I drilled down and looked at the dollar move in detail, the evidence suggested it had a high probability of being a fake-out move and would likely reverse bearishly off the 80.29 mark or thereabouts.
After analyzing silver exhaustively tonight, i find its in the middle of a tug of war being played out by bulls and bears. It is pretty unique. we just have to wait and see.