Monday, September 19, 2011

Round 3 goes to the bears - 19 Sep 2011

Another quick note from me...

Almost opening time in the US markets and the ES futures are down 20points, with Europe down 2.5% at least.

The rally fizzled out last Friday even with a last minute spike... And over the weekend, Greek troubles and European leaders' indecisions sparked more concerns... Leading to a gap down onMonday morning. An afternoon test of the gap is likely to occur, but overall, I see the ES rolling over.

On the daily chart, a bear flag pattern has clearly formed and look for 1180 to give way, then the bear flag to breakdown.

Gold is starting to look brighter too.

Be careful this week... FOMC meeting minutes and extra action is due. Still, bearish up overtones rule.

The MadScientist - 19 September 2011

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