ES Journal - 2012

[ammo]

oex is coming off a double top with the may high

 

[ammo]

its also turned on the tenth day of the reversal rally

 

[ammo]

if we do pullback we need to test the 601 support and see if it holds, if a dead cat bounce and a fail to hold,it falls to the 594-95 area

 

[ammo]

if you look at a 15 yr spx ,the start of the dot com,greenspan's over exhuberant fed policies,beginning of this saga that seems to be peaked out , as to how far can we stretch this debt secret,the 97-2000 range in spx, 733-1552,there is a fib at 1360,last weeks 1354 may be close enough,same area was rejected in march,the first major target to the downside would be 1283-1276 (circled)

 

[ammo]

on a shorter timeframe,again if it has topped, the 41 nip,37 ledge was tested and bounced back to the 41 nip(43-40 area),if we cant hold the 37 we test 1329 ledge,fill in 29-37 area and test the 1313-16 nip(L=ledge,C= cleave,N=nip,denoted on chart)

 

[EliteThink]

good stuff ammo, thanks.

 

[Macho]

We can expect a bit of a pop ,say 5-6 points, as Greeks have agreed to austerity conditions to get loans. Now all they have to do is to figure out how they can get more loans to go down the big gurgler.

 

[tortoise]

Looks like we're going to open at about 1347...but all the weight's on the offer.

Pop n' drop?

 

[mastacoli71]

Could pop and drop, EurUsd has not breached high from 2 days ago...currently at 1.3237

 

[chaykapwr]

this 44-46 area will be very hard to breakthrough.