You have to be suspicious when the 1900 level can't be broken after two days, Thursday and Friday, of hardcore trading...and the Market opens Sunday afternoon and easily sails through those levels.
Cramer did a video many years ago, I think has been since removed, wherein he stated that anyone with an account in excess of 5 million bucks could "paint the charts" during after-hours, low volume trading...he used to do it all the time. I had to laugh last night when I saw the gap, and evidently did most traders when they got to their desks early this a.m. and started selling it: As I type, we're 10 points off the high and dropping. Market watch.com creates China news around it to explain it...but this move was done before Asia even opened.
The important thing is, *price went there*, manipulated or not...it is now a permanent document on the charts, and hence will be in many traders minds a new goal.
this might be a trend day to the upside however there is resistance (fibonaaci)at the 1920 area.
ReplyDeletegood call, suhail...thats what happened :)
ReplyDeletethanks; did you declared this an artwork day; lol what happened today to the set up charts you been sharing?
ReplyDeleteto be honest..somehow I got it in my head that this Thursday/Friday was rollover, and didn't realize it was last Thursday/Friday, so I had to scramble this morning bigtime to update, merge data and change contract dates on like 25 charts... :-/
ReplyDeleteI throw up a lot of charts...are there any in particular you're referring to, or find helpful?