The Woodchipper Is Upon Us
I don’t need to read the news (which I haven’t) to know that we are shaking out some weak hands here. Which way this thing is going to resolve is yet unclear but I do have a few pertinent charts that should give you a leg up or two:
Things are moving fast so I better hurry as I already had to re-capture some of my charts. The volume profile panel shows us playing the musical chair game around 1380 and if you are dumb enough to participate you may find your ass in a sling instead of a chair.
Since I took this screen grab we actually have dropped through the 100-hour SMA and then pushed back up a little. Currently we are trading at 1374 1371 1368 and it’s starting to look pretty ugly. In short I really think we need to push above that before the close of the NYSE session or we will probably see follow through to the downside overnight. [UPDATE: well, that is looking unrealistic at this point]
The daily shows us the bull’s final line in the sand at 1357.5 – if we drop below that NLSL then hasta luego a 1322.
Some more perspective for my intrepid (and apparently overly forgiving) subs below:
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This entry was posted on Thursday, April 19th, 2012 at 2:15 pm. Both comments and pings are currently closed.