Inverted head and shoulders on the SPX?

Futures are atleast trying their way back up this evening, but we're below the pivot. Instinctualy I feel like we'll be atleast challenging the pivot in the next few hours. Asian markets are taking it a bit worse than I imagined they would
 
Looks like 840 was the fifty percent retracement from the sharp rally up and we've had a nice bounce off of that. I'm sure quite a few traders were watching this area. I guess the direction is really up to the GDP report coming out tomorrow. Why can't they announce these things around midnight to help out the Asia traders? Throw a brother some slack.
 
Quote from fantastic4:

You think it will be worse than expected?
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Hey fantastic4...as with resistance being meet today the GDP may not need to be any worst than expected to send the market down further tomorrow.
 
Market expects a -5.5%, who would have thought....

Well besides that it seems a -4% or -3%, which would collapse the markets just a few months ago, but of course now those numbers would rally the markets, right you stupid bulls.



Jan 30 8:30 AM GDP-Adv. Q4 - -5.5% -5.4% -0.5%
 
Well, the uber bad is already priced in isn't it? So anything better should help a rally. Seems to me like we hit resitance yesterday, and are now bouncing off support pre market. The support being a fifty percent pullback from the rally up to resistance.

Anyone watching the Euro/Yen?
 
it's not resistance, there are no buyers to push the price higher.

only thing that can push the market higher is short covering. longs are all gone and demoralized by wall street scams and crooks.



Quote from AMT4SWA:

I sold 863's to 865's in the ES last time we were trading this level and today I am a seller there again.....will keep selling this area at the upper end of the range we have been in for a while now. I am holding some 863.00/863.50's and will keep selling on up in this resistance zone UNTIL I see initiated buying breakout delta. :)
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Quote from tradersboredom:

it's not resistance, there are no buyers to push the price higher.

only thing that can push the market higher is short covering. longs are all gone and demoralized by wall street scams and crooks.
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Interestingly from a chartist perspective resistance in many cases occur as a result of lack of buying in a particular stock or ETF (in this case) for several different reasons. Maybe longs or bulls have reached a point of exhaustion or pause based on market internals ($VIX, $TRIN to name a few) and news (externals).
 
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