Market

Friday’s trading day was a game changer, the last hour rally was not one of just a short squeeze before a weekend but one that showed that we are now trading in a triangle formation and we could potentially break to the upside. I, However, suggest people play the triangle formation before getting all that bullish. The reason i have more inclination to the bullish side is because a triangle formation after a rally is usually looked upon as consolidation and the next move is usually a breakout to the upside, once that happens the market can shoot to the 1030-1040, and that will probably be the end of Primary wave 2, before a new bear market begins.

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Today I update my fellow viewers on what the last 2 days of action really mean for this market. The DOJI candle that formed today on incredible low day could be viewed as two things: The first, is that it is a consolidation pattern for the huge move up that we had on Thursday. The second is that it is an indecision reversal candle. i would believe the former only if we get another day of consolidation down on low volume. However, I believe the latter because there are a lot of resistance which points could point to a move lower. We formed a double top area at 922 on the SPX, and this could actually be the top of the right shoulder. As we form the Head and Shoulders formation, other resistances such as the 923 level, descending channel, 20 SMA Daily lie overhead and could provide a strong push lower. Monday’s action could be one of a fakeout, we might get a rally in early trading to hit those resistances and then fall down from there to at least down 1.5%. If we fall down on low volume though, I will look to position myself long. My other advice is to not get too bullish before the 923-924 is broken. And also to take profits at the 880 level if it is reached at any point next week. We could very well break 880 but i think taking some profits off there is important and essential. I look at the SPY, AAPL, GS and VIX

Have a great weekend!

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Here is what I think might be happening in the near future!

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Schiff Report Video Blog June 22, 2009 Please no calls to FINRA, Even well intentioned calls will likely make the situation worse.

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also check me out on http://www.facebook.com/schiffreport and http://www.twitter.com/schiffreport

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also check me out on http://www.facebook.com/schiffreport and http://www.twitter.com/schiffreport

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InTheMoneyStocks.com comes to you again with their expert trend line analysis tools showing all the major key support and resistance lines in the current market. They analyze the charts, discuss the market in depth and showcase their techniques which they give to their elite premium subscribers in the nightly videos in the Research Center. They discuss every major point in the market and also discuss how Goldman Sachs had a key breakdown below $80 which is not good for the market. Get their premium guidance, analysis, pivot points, turn dates and more by subscribing to the Research Center at www.InTheMoneyStocks.com. It includes technical analysis videos, daily market reports with key levels on the S&P, Gold, Oil, US$ and stocks as well as educational technical training videos.

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Today I look at the SPY, GS, VIX, AAPL, AMZN and talk about some other charts as we end the month with a Doji candle and the day down with somewhat stronger volume. The action is still not bearish and is more neutral, wednesday and thursday will be incredibly important.

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