Thursday 4-9-09

12:57 P.M. Looks like a complex inverted head and shoulders pattern...if we break the neckline I think we will rally hard. If we fail to break the necline we sould come down for a half gap fill at least. I am off to work with a local hedge fund manager for the rest of the day. I will try to check back in before the close. If not HAPPY EASTER to everyone and thank you for following my blog, I hope it helps and hope you enjoy.



11:22A.M. Despite pulling back below the overnight low the internals paint a pretty strong picture. I will keep watching $VOLSPDC and the $TICK for clues of a reversal but so far all looks bullish. There is potential for a gap fill, there is a double top forming and could be an omen for the week ahead unless we break 848 I will be looking for short entries possibly today but definitely on Monday per the stats stated earlier.



8:14A.M. Here is the daily @ES with stochastic overlay. Looks like we made a little hook and are now turning back up to go to overbought territory again. The 20 MA served as support on our last move down as well as the bottom of the channel we have formed. For resistance..well....we are at it...this down trend line is huge resistance and the pressure is on the bulls to take this level out and close above it. The target for that ambush long hit on Tuesday is 864 area. Statistically today is usually a bullish day but the Monday after Easter is usually a red one but Tuesday brings an average gain of 0.6% for the day. We will see...remember to stay nimble.



7:45 A.M. Market profile chart for the day


Courtesy of subq