Just out there to take your lunch money.
In my last post i stated if we didn't let the price breath a little we'd correct more sharply as we haven't handled the negative divergences on this low volume pump.
I can see two different scenarios overnight:
White: We retrace the current -.35% print in futures overnight and into the A.M and push back up to the downtrend line of the descending triangle to be rejected and back down to the $297 level.
Red: We open up blood red and either gap down, or knife right through the gap at $298 and the 50 period MA.
Obviously anything can happen but when you have these low volume pumps with negative divergences the corrections are usually swift and relatively violent. The luster of these earnings "beats" seems like it's wearing off considering expectations were set so low. And on top of that you had some notable misses today with Texas Instruments and Mcdonalds.
In my last post i stated if we didn't let the price breath a little we'd correct more sharply as we haven't handled the negative divergences on this low volume pump.
I can see two different scenarios overnight:
White: We retrace the current -.35% print in futures overnight and into the A.M and push back up to the downtrend line of the descending triangle to be rejected and back down to the $297 level.
Red: We open up blood red and either gap down, or knife right through the gap at $298 and the 50 period MA.
Obviously anything can happen but when you have these low volume pumps with negative divergences the corrections are usually swift and relatively violent. The luster of these earnings "beats" seems like it's wearing off considering expectations were set so low. And on top of that you had some notable misses today with Texas Instruments and Mcdonalds.
