Broken Ranges

Here' a look at the TWM which is the ETF inverse of the IWM or Russel 2000. As you can see the Fib fans are lending clear support and resistance levels. It is quite possible a bounce off the bottomside of the top fan line may occur next week before the TWM highs will be tested.
The volume on the DOW and DIA was pretty weak for an assault on the lows. It will not take much buying to induce a short squeeze.

The same holds true for the SPY which actually posted a Long legged Doji bullish signal on the Friday close. Hmmmmm, I wonder if a reload is in order for the Bears before the lows are blasted through?

Range bound, head fakes, and small cap speculation

DIA and the SPY show the rnage of the last 6 weeks. Perhaps the Jobs report Thursday and the Employment situation report on Friday will finally break the range one way or the other.

For you small cap speculators: CPST is shaping up to be quite interesting. If this is the bottom of a cup - a double or triple could be possible.

3 words: Long term support

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Range Bound

Well the bottom channel was breached again today, but the Bulls prevailed late in the afternoon. I am anticipating an upward push to backfill some gaps that took place last week in most of the indices. This may be the last upward push before we retest the lows.

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