Today is series s2H NORMAL and the spill pressure is down... Last week we came into the week with the idea the BULLS could absorb a little selling as the bull count had us early in the iiii wave up JAN 8 low..the price they wanted to hold was the weekly PIVOT 1460.3. ... the germane SPOTS were given in the commentary 1453, 1457, 1464, 1467, 1472, 1477, 1481.5 with the BULLS needing to control the 1460.3 PIVOT and convert the 1467 SPOT to SUPPORT in order to drive price into the long term foretasted 1481-1510 CASH ZONE... BOTTOM LINE on the 24/7 chart 1456.5 LOW , 1481 high and the break out occurred from the 1467 support level just prior to econ releases on Thursday Jan 17 --see 6:30 a.m. to 7:30 a.m. CST on Jan 16...OK, you all have a chart this a,.m. of the 15 min cash and the bottom line on it is: the bulls are overdue a couple of days of selling even if they are right , ie a nano wave iv down is in the offing and once that is absorbed we should do some more up into EOM (end of month ) or early FEB basis the idea of need a v= 3 Up to finish 3..ON THE BEAR side if the iv down gets legs and we take out 1467 near term decent support then the BEARS MUST perform by shelling SPOTS underneath .Taking out the 1467 , call it a committed bear price, then the 1457 would open up the larger BEAR chance for a test of the 1434.44 cash ---TODAY, if the lean is right we should top in the first hour on a nano iii and begin a down that has minor support at 1472, stops at the 1470.7 daily double bottom from last week and then the first real test of support at 1467... --over head there are 3 cash fibbos to look for if the BULLS ACCELERATE and the lean is wrong --1492+ cash (eyes wide open at the 1488 SPOT IF SEEN) followed by 1497 cash and 1502 cash (adjust to your FAIR VALUE for the futures) SPOTS , TA, AND THE ROUNDIES --- NUMBAHS S2H 01/22/2013 DEC CONTRACT DAILY WEEKLY PIOVT 1476.8 1472.7 S1 1472.8 1464.7 S2 1466.7 1450.4 R1 1482.9 1487.0 R2 1486.9 1495.0 MAXH 1493.0 1509.3 MAXL 1462.7 1442.4 RANGE PROJECTIONS 1474.8-1484.9 PRIMARY 1468.7-1491.0 1469.8-1479.7 ALTERNATE 1457.6 –1479.9 TVS 1480.8 H 1480.8 14744.8 L 1483.7 TWO DAY 1490.7-1494.3 HIGH 1467.2-1460.8 LOW OPG 1476.3 1465.3 H 1480.8 1480.8 L 1470.7 1458.5 C 1478.9 1478.9 FV –5.00
Happy demi-anniversary, stock market rally. Will the honeymoon ever end?