Market commentary for 12/05/2008
Good day!
So far we have consolidation week. It is more consolidation week after last week rally. Problem is with Monday action and strong selling pressure. Indices were ready for consolidation and buying continuation, Monday increased risk. We can see on the daily chart that after Monday indices acting between Mondays high and low what is consolidation on the 60 min chart. We all know that trading during consolidation is always higher risk and more scalps. I send two SPY charts and similar situation is with other indices. Daily chart still can trigger reversal head and shoulder what will be weekly CCI setup continuation what I still expect to see. But when I see 60 min chart that rally continuation don’t look that sure. So right now we have mixed signal. Today will be important economic news and they can turn market in any direction. It is possible that after very possible bad unemployment news we see gap down and 60 min H&S setup, but that not mean that daily reversal H/S will be canceled. I want say that I’m interested for long side and there will be my focus. If market will go down, right now it will be good only for sclap shorts or for watching. Monday strong sell off brought, unfortunately, less odds for nice daily phoenix and another swing long setup.
Good day!
So far we have consolidation week. It is more consolidation week after last week rally. Problem is with Monday action and strong selling pressure. Indices were ready for consolidation and buying continuation, Monday increased risk. We can see on the daily chart that after Monday indices acting between Mondays high and low what is consolidation on the 60 min chart. We all know that trading during consolidation is always higher risk and more scalps. I send two SPY charts and similar situation is with other indices. Daily chart still can trigger reversal head and shoulder what will be weekly CCI setup continuation what I still expect to see. But when I see 60 min chart that rally continuation don’t look that sure. So right now we have mixed signal. Today will be important economic news and they can turn market in any direction. It is possible that after very possible bad unemployment news we see gap down and 60 min H&S setup, but that not mean that daily reversal H/S will be canceled. I want say that I’m interested for long side and there will be my focus. If market will go down, right now it will be good only for sclap shorts or for watching. Monday strong sell off brought, unfortunately, less odds for nice daily phoenix and another swing long setup.
Wish you all good trading!!!
Kind regards.
Ivica
https://webmail.optimum.net/java_script:main.compose(
Watch list for 12/05/2008
LONG:
SHORT
If you have any questions, please feel free to contact me.
Good luck trading today!!!!
Ivica Juracic
ivica@ivicacharts.com
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