Market Diary

ES Futures are breaking down the neck line of H&S pattern today after 3/12/12 break UP. Next support in ES is 1350

SPX Pinned 2011 High.

First Support -1330-1310 Second Support -1250-1240 Third Support -1210 Hopefully S&P will not go beyond that, because of Presidential election year. Expect a Bullish movement from June onwards at least until November.

All indicators and All market experts are saying "Market need a healthy correction" to sustain bullish movement. Probably that's why market is not selling off. Market need to test the "pain threshold"of all the bears before its next move !

SPX is hitting on resistance and shy to move on ! If market break down, 1260 can be the first support and 1220/1210 area will be the next .

SPX is getting into a congestion area. More choppy actions can expect in 1314-1330 area. Expect a sell off as well from this area !!

According to Bradley siderograph, there will be a bullish movement starting from 12/29 - 3/16/12. Will this bullish action continue until March ? Today's price action broke the resistance, Next resistance is 1290/1300 area

More sellers in 1260/1270 areas. Short term range is 1230-1270 right now. Will S&P re test 1170 again before going towards 1310 resistance ?

Seasonal rally started ? Can S&P clear 1250/1270 this week !! If so next resistance will be 1320-1340

Congestion in 1200-1190 area

Watching close, how this SPX Bullish pattern will work out. Seasonally it is bullish time. Only Chaos is Europe. ;)

$NYSI summation index is bottom like June 27 TH level. Most of this level sudden change in trend can expect. I think there is more up side risk than down side. My expectation is VIX could go to 25 level when we approach towards September long week end.

Please refer my 2010 Dec 1, posting. http://fazdane.blogspot.com/2010/12/planning-to-load-up.html

From April 29 TH to May 20 TH market is showing lower highs and lower lows in tight range. But when you look at from March 16 TH low to May 20 TH market is doing Higher Highs and Higher Lows Short Term : Bearish . Long Term : Bullish ( Until market break down 1318) Pattern : Hourly chart showing Reverse H&S pattern (Bullish) as well.!! =================================================================== When we look at this in Bollinger band perspective , price is near lower BB and historically when price reach lower BB expect a rally Market seems bullish ================================================================ VIX : VIX is in tight range of 19 -14. Now it is in 17. Market seems 2:3 range with Bearish : Bullish More Bullish than bearish ================================================================= Weekly NYSI : NYSI is showing higher lows and higher highs in tight range. There are more room in bullish side NYSI : Bullish ================================================...

Starting New cycle towards 1345 ? If this trend continues, next turn will be on 5/16. FYI: All vertical lines in the chart is moon cycle !!

As expected market reached its high and ready to turn again, due to following reasons.. 1. Market pinned long term diagonal resistance 2. VIX pinned last support. (There are more upside risk than down side ) Astro Traders .. 1. Full moon is coming on 18 TH Monday. And more .. Euro is yearly high and ready to move down Dollar is low Bonds are low and ready to turn

Bull run is going to over soon.. I think so because.. 1. VIX is in lower level of 18 right now. If we get 2-3 points down that will be 16-15 level !! Whenever VIX reach 15 level, market have higher tendency to sell off.. In current market volatility conditions, it could happen with in 3-4 trading days.. 2. SPX is reaching higher level, it could go to 1330 or 1334 (worst scenario) and possible sell off on double top pattern. 3. Astro Traders : new moon is coming on April 3rd , so April 4 TH could be a sell off day ..!!

- SPY is in 20 MA support - VIX is in 50 MA resistance - CPCE indicator is in overbought area When Put Call ratio is high like .74, means traders are scared and long more puts than calls. Who ever sold this puts (professionals) will not let this people win. What they will do .. they go and buy the market. There should be a good chance of short squeeze over this position in the market.

What a day.. In one day meet my target.. !! S&P 500 is forming a vague Cup and Handle pattern (Bullish). If market can break through 1228, which is 61.8 % of Up move from last recession !!, this C & H pattern will be valid and market will run ...

Today's price action resolved about 14 days market confusion and broke UP the resistance with lower volume. VIX is also lowered and NYMO also went up. We can expect market can run into 1214 level (April High).