ES Is Turning

After testing the ~680 support area ES turned around and up 2% so far tonight. On the way up it cleared the ST resistances on the hourly chart. Crossing above 715 will force more short covering.

Edited by redfoliage2, 04 March 2009 - 05:13 AM.

After testing the ~680 support area ES turned around and up 2% so far tonight. On the way up it cleared the ST resistances on the hourly chart. Crossing above 715 will force more short covering.

There's a gap all the way back to 735. I think it'll attract price to there. The real question is the gap UP this morning, will it stick or will it be another "gap-n-crap" day?

I know Frac Man Hank has been anxiously awaiting a nice gap spike up that doesn't fill, this will be his spot to get long for a 1000 DOW points rocket ride. If we are in minute wave III that is near completion, then the counter trend minute wave IV bounce could take us up to SPX 795-804. area.
I am long BGU but admittedly got in a little early at 18.08. Also long CAT from 22.60.

In my opinion we are basing and we will get that minute wave IV bounce to the numbers I mentioned. My target for BGU is between 24.40 and 24.80, but I'll settle for 23 !!!

several market averages on the daily chart since 1995, including copper futures:

- updated with Ted Burge's major price horizontals to display potential horizontal price "bottom-spotting"

http://stockcharts.com/h-sc/ui?s=$NYA...amp;a=162200123

this chart is also visible where I posted it at a www.box.net chart folder -

http://www.box.net/shared/bc5sej1xuk

Ted Burge -

http://stockcharts.c...t...38&cmd=show[s150901440]&disp=O

Edited by hiker, 04 March 2009 - 06:08 AM.

I also see a move to the upper 700's. We shall C.

It's not unusual for a 5% bear market rally after this kind of plunge. Today looks the right time. But I'd buy dips this morning. The first dip will be before 10:30 am after the gap up. However, don't expect the gap to be completely filled this time.

Edited by redfoliage2, 04 March 2009 - 09:26 AM.

It's not unusual for a 5% bear market rally after this kind of plunge. Today looks the right time. But I'd buy dips this morning. The first dip will be before 10:30 am after the gap up. However, don't expect the gap to be completely filled this time.

Let's see if this bear market rally has legs. I still expect a 5% though not in one day.

It's not unusual for a 5% bear market rally after this kind of plunge. Today looks the right time. But I'd buy dips this morning. The first dip will be before 10:30 am after the gap up. However, don't expect the gap to be completely filled this time.

Let's see if this bear market rally has legs. I still expect a 5% though not in one day.

First meaningful resistance at ES 735 and let's see how market will handle it.

It's not unusual for a 5% bear market rally after this kind of plunge. Today looks the right time. But I'd buy dips this morning. The first dip will be before 10:30 am after the gap up. However, don't expect the gap to be completely filled this time.

Let's see if this bear market rally has legs. I still expect a 5% though not in one day.

First meaningful resistance at ES 735 and let's see how market will handle it.

A consolidation at this place would be welcome. But a gap-up tomorrow morning is better.

Edited by redfoliage2, 04 March 2009 - 04:20 PM.