Thursday, May 7, 2009

5/7 - Market Analysis

SPX - reversal day?


SPY - bullish


COMPQ - bearish candle at resistance


RKH - bearish engulfing candle at resistance


RKH - still bullish (might just sidetrade for a while)


VIX - SPX bullish still


Analysis: ok...intraday, it felt pretty damn bearish...i was fooled myself and thought that my fellow titan actually predicted the top...but after more analysis of the charts, i see that any reversal here will just be minor...and looking at 30min charts, we actually haven't broken any support whatsoever...charts still all looking bullish and unless we fall down hard tomorrow and super volume, we might just go sideways or slightly down from here...but also likely, is that we will just recover slightly from tomorrow and make a lower high on SPY and get us ready for a possible daily chart pullback next week.

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