We now find ourselves at important inflection across the board. As the spoos are currently swinging lower (earthquakes – get it – uuuhh – never mind) for a VWAP retest it’s time to look at support levels and where to expect acceleration in either direction:
The 1114 mark should be thought as the bull’s Maginot line – if the grizzly panzer brigade manages to push below it’s lights out and August is going to close below 1100. I currently do not sense that the bears have the resources to close the deal – maybe their supply lines in the Ardennes have been compromised. But sentiment is swinging wildly these days (with or without earthquakes – get it – uuuh, never mind) and instead of guessing the tape we rather stick with our charts – in the end price is the ultimate judge and it is never wrong.
The longs have 1190 in their sight and whether or not we get there depends on holding an important short term support line right here and now:
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GETTING REPORTS OF A 6.0 EARTHQUAKE IN VIRGINIA – SUPPOSEDLY WAS FELT IN MANHATTAN - EXPECT VOLATILITY IN THE TAPE.
Just so happens that one of my genetically engineered graboids made it out of the evil compound the other day. I wonder… better make a call to Burt Gummer.
Keep it frosty and stick with your charts
This entry was posted on Tuesday, August 23rd, 2011 at 2:13 pm. Both comments and pings are currently closed.