04/02/2009 Intraday update

3:52pm

A last post for the intraday

bears finally takes out the neckline and if the futures are red big tonight, we will get a island reversal tomorrow~

3:31pm

Another fake breakout? we need a 3rd time to break the line?  it says 3rd time is a charm~:)

3:24pm

3:06pm

last hour of trading.  the close is very important today.  if it close as a doji, then the rally is done; if it continues to climb, then this white bar on the weekly chart will intimidate bears a lot

now retesting the 50ema.

2:57pm

Lower high……if i have say something about the rally just now, it will be a retest

2:34pm

XLF is acting sick....options are saying that go buy a put on XLF......

Finally, the index break up, but no higher high yet, and potentially this is the H&S i was talking about

2:16pm

wow, the index has been stuck between 20ema and 50ema for quite some time~  breaking through either way will make the day.  i prefer breaking down in some sense.

2:06pm

50ema still holds this market and bears need another try later

1:58pm

critical time: now the SPY is sitting on the 50ema, break it and fail it?

1:40pm

head and shoulder?

1:20pm

OK, it now looks like a bear flag now.  Let’s see if we can take out the support @ 836

1:06pm

Finally we saw a big red candle on the 5mins chart, as I said, 1pm is the key time point.  Now it does not looks like a bull flag anymore.

12:48pm

The market is pulling back, but in a trend day like this, there could be some huge run later of the day and close at the HOD.  1pm is a key time point to watch out.

12:37pm

The market seems topped now and begin turning South.  Negative divergence on 5mins chart.

12:27pm

The market is very strong internally and make the higher high of this uptrend @ 845.  Financials are not following.