1/11/12
Closing Comments:
ESH11:
First impression is that the pullback from 1289.50 has been voided; the pullback needed to reach 1286.50 to simply qualify as a potential pullback;
clearly taking out 1284.50 is the confirmation as such; it’s still quite early because it MUST still take out 1289.75 and highly probable we pullback again at the 1289.75/1290.00 level;
the 1289.50/1290.00 level is profoundly pivotal, meaning it either pullsback here and again attempts to reach the key support pivot at 1275.25/1275.75 and take it out (opening the door to 1245ish (no lower) or it continues straight up to 1296.25.
I’m surprised we failed to reach 1286.75 on the pullback; still early
Today BAC and INTC pulled the market up by the collar
We’re still quite far away from any potential blow-off or bear capitulation; 1312.00 is the blow off level (parabolic – 1375ish)
CLOSING COMMENTS
Started by
Master Che
, Jan 11 2012 04:21 PM
No replies to this topic
#1
Posted 11 January 2012 - 04:21 PM
Master Che - market updates - masterchetrading@gmail.com