I think the high on the $SPX a few days ago was it...

Well, each time things have gotten a little too high then there are these wild swings on the ES. Here is an example with the highlighted events in blue. Will this time that artificial line on the computer screen provide suppor and be another great buying opportunity? I think with the job numbers out tomorrow and the three day weekend ahead, this time might be different...

I think we at least get another slide with a good potential of sliding right through the line...

 
Quote from Ivanovich:

Well, according to the rumor, GS agrees with you and sold a sizeable amount of contracts short at 1177.
More...

Is this a rumor you just made up?
 
As a short term top call, this isn't too bad - there are some technical reasons to think it's right.

But in the long run, the dollar is an inflationary currency. Being short anything but a more inflationary currency (or gold, which is basically the same thing) is swimming upstream. A drop akin to January from today's highs wouldn't surprise me, but anyone preaching more than that is smoking something.

I wonder how much money ET has lost on this never-ending string of top calls. Probably not much, since I get the feeling very few people here actually trade.
 
Almost to the artificial line I drew on the monitor. What that artificial computer line hold the market up and eventually bust my call?

Our financial existence and health is being held up by an artificial line that most dont believe in...


 
A lot of you guys should be thankful that I am spending my time to throw up these charts. Many of you don't even have access to the ES and can't see what is happening so you are left guessing. If it was not for me sitting here spending my time throwing these things up, you would be left scrambling around looking at the $SPX chart on stockcharts.com wondering.

Here is what I am seeing exactly. I think we are going to slide on Monday. These nice little shoot-ups are most always followed by a slide down to the line. It would have been better if the ES slid into the trend line and then bounced up IMHO...that is better for all of you superman traders to scoop up some contracts.

I know every time one of you elitetraders sees these "breakout" formations you go hog wild buying imagining the ES soaring to the sky like superman. Come on, that doesnt happen. On Monday when we have some real volume, I think we slide into the trend line and test it out...

If at all anything, many of you should have used today's little spike to lighten up the ES positions. I can picture someone on here buying contracts into that little spike and will have a pleasant surprise when the ES sees volume on Monday. I think that spike was just short covering.
 
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