Finally, the market will probably open flat today. This week action is very critical for the market.
The VIX is at 0 level. If the VIX crosses above 0, the market could go down. Also the gold market is at the 940ish. Another important area for the gold. I still believe QQQQ will still hit 39.90 area. It needs to go back down to the level of pre Bernanke's speech.
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That 103.60ish for SPY is some kind of resistance. Same with QQQQ at 40.60. I believe we have seen the top for today at these levels.
ReplyDeleteI will be the first to admit that the last two trading days and today are top for the market. There are lots of weakness on the market. Dollar is going back up, oil and gold are going down. VIX is slowing moving up above 0 for MACD. Like I said, this week is a crucial week for the market.
ReplyDeleteAgreed. good setup to fade today.
ReplyDeleteI hope my daily commentaries and given targets help you to become a better investors. Can I know that am I better than Cramer or Fast Money on CNBC? I believe Cramer and Fast Money shows are for entertainment only.
ReplyDeleteYour commentary is very valuable. Thank you for being where you can be found.
ReplyDeleteThe battle of the bears and bulls continues. Up and down. So far the bears are winning at this point for today action. But the bulls don't give up easily. The last 3 days had been trading in a tight range.
ReplyDeleteWow, the MMs orchestrated the price to perfection. So who won today. It is neither the bears or the bulls. I believe today action is a tie.
ReplyDelete