Jerry Olson
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charts for tomorrow
I would suggest that all traders that can read the charts the indexes, just please look at what is happening...
look at the Daily Candlestick charts, and you'll see the potential for a solid backside bounce up and into overhead R areas.
the first move off these lows should be tested at the falling 20 ema's. We always expect "sellers" there first.
we can always re test the lows as well and probably will. The next best move off any test is a breakout off the 20 ema's.
What i am seeing on P&F is a huge thrust downward in a fast and furious sell out, and that should brijng all indicators into a very bullish set up ahead of the all important FOMC meeting on June 28th.
make no mistake about this event. It's the speed of the correction that will make this snap back rubber band effect move much higher than the street is even thinking about.
We all now know that the FED will never change their statement any more. All they will do is either raise rates or stand pat. That statement is exactly what they want the street to understand, They will be vigilent on inflation at all costs. So why change what they have already conveyed to the street.
Trust me they will not. The $64,000 buck question is when we get there late June, will they or won't they. The eco reports coming in each week will rock and roll these market sto the core.
it is our job, actually everyones job to scalp trade and be in cash each evening for the next 30 days.
best of luck to us all...........................
I would suggest that all traders that can read the charts the indexes, just please look at what is happening...
look at the Daily Candlestick charts, and you'll see the potential for a solid backside bounce up and into overhead R areas.
the first move off these lows should be tested at the falling 20 ema's. We always expect "sellers" there first.
we can always re test the lows as well and probably will. The next best move off any test is a breakout off the 20 ema's.
What i am seeing on P&F is a huge thrust downward in a fast and furious sell out, and that should brijng all indicators into a very bullish set up ahead of the all important FOMC meeting on June 28th.
make no mistake about this event. It's the speed of the correction that will make this snap back rubber band effect move much higher than the street is even thinking about.
We all now know that the FED will never change their statement any more. All they will do is either raise rates or stand pat. That statement is exactly what they want the street to understand, They will be vigilent on inflation at all costs. So why change what they have already conveyed to the street.
Trust me they will not. The $64,000 buck question is when we get there late June, will they or won't they. The eco reports coming in each week will rock and roll these market sto the core.
it is our job, actually everyones job to scalp trade and be in cash each evening for the next 30 days.
best of luck to us all...........................
