Stock-Market-Observations

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MARKET MESSAGES

12/03/12 – MON

2:00 – PST – We did close near the lows of the day and at a loss.

12-03-12 SP FUTURES 30 MIN BARS

12-03-12 SP FUTURES 10 MIN BARS

12-03-12 SP FUTURES 3 MIN BARS

11:00 – PST – I forgot to mention that today is probably a reversal day where we moved to new recovery highs (since 11/16) and then closed at a loss for the day.  Naturally we have to wait and see if the market is going to close at a loss for the day, but it does seem likely.

10:20 PST – It appears that we may have finished a step up this morning, counting from 11/28/12 (I count 3 steps on the chart).  Was this the end of the significant 3 steps up since 11/16 or only 2 steps up?  Until we take out a significant prior low and break the uptrend channel, it’s usually considered to be a correction and not a reversal of the 11/16 bottom (unless you want to gamble – been there done that many, many times).

12-03-12 SP FUTURES 160 MIN BARS

12-03-12 SP FUTURES 10 MIN BARS

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This entry was posted on December 3, 2012 at 10:27 AM and is filed under UPDATE. You can subscribe via RSS 2.0 feed to this post's comments. You can comment below, or link to this permanent URL from your own site.