Wednesday, December 30, 2009

Not exactly what I had in mind...

Well the market took a quick turn for the worse during the asia session only to bounce right back by the open and give us a tight range day. Today's price action had triangle written all over it, and since it broke to the upside that gives the bears one small chance to take this down. With tomorrow being a half day, I'm not sure we get any real movements until January. Either way, I expect the market to test the 1113 printed on the ES early this morning during the cash market.

I've put up my best two scenarios and they basically depend on how much upside the market gets tomorrow morning. BTW, a gap down tomorrow would be bearish and essentially confirm the bearish count.
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