Arik,
<< 4. If I'm right, the following scenario is a possible ST outlook-
Today the OEX (currently at 512.9) should not exceed 516.5, and close flat to slightly up. Tomorrow the market will be down 1% before the announcement, try to rally just before the announcement, and start dropping fast a few minutes after the announcement (unless it's a 0.5% cut, which is not likely). On Wednesday we should check the line at 492 OEX, and break it on the same day or the next morning.>>
So far, so good. I like the fact that the futures spike up at the end of the day accompanied by 700+ ticks. That happened recently, and the market got slaughtered the next day.
Thanks for the thoughtful analysis. If the down wave you feel may come tomorrow materializes, and proceeds to take out 492 in the coming days, what wave would you assign it?
Regards,
David |
