The collision of global markets and social mood

Wednesday, January 16, 2013

Thrust Or Bust

Futures made a double bottom overnight, but are trading heavy. The double bottom could morph into a falling wedge below ES 1460.

It feels like everyone, including me, is waiting for an inevitable thrust above 1474. What if the market has other plans?

I must mention once more the Fibonacci confluence levels at 1443 and 1425. The market had every opportunity to break down yesterday, but couldn't. 1463.76 and 1451.64 remain stumbling blocks to these lower Fib levels.

However, the market would probably trade a lot better if confluence was tested. It's feeling stuck.

I will say that A/Ds look like they're about to break out of their respective weakening trends. Option expiration is Friday. It feels as though it's time to break loose.

AAPL may be closing in on a near-term bottom soon. And the Facebook (FB) is closing in on the all-important 33.45 area.

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