11-30-11

TF WAS NOT ABLE TO BREAK BELOW THE ZONETRADER PIVOT ON THE WEEKLY PROFILE AT 686.60 AND REVERSED MAKING A BULLISH BREAKOUT AND CONFIRMING AN UPTREND ON THE WEEK.  THE MONTHLY PROFILE FAILED TO CONFIRM A DOWNTREND AND HAS NOW REVERSED TO THE ZONETRADER PIVOT AT 728.50 AND IS TRADING SLIGHTLY ABOVE IT CURRENTLY.  THE YEARLY PROFILE TELLS THE STORY AS TF FAILED TO CONFIRM A DOWNTREND ON THE YEAR AND THE BULLS MAINTAINED CONTROL OF THE MARKET SUGGESTING TO LOOK FOR BUYS AND FOR A REVERSAL BACK TO THE ZONETRADER PIVOT ON THE YEARLY AT 800.70.  SO THIS IS OUR CURRENT TARGET.  THE QUARTERLY PROFILE WILL NEED TO MAKE A BULLISH BREAKOUT LOOKING FOR A CLOSE OF A DAILY CANDLE ABOVE 753.80.  LOOK TO BUY RETRACEMENTS THERE IS MAJOR SUPPORT AT 715.50  WE WILL TAKE ALL BUY SIGNALS ON THE MONTHLY, AND WEEKLY PROFILES AT THIS POINT AND LOOK FOR THE MARKET TO RETURN TO 800 OR HIGHER.

11-29-11

The Emini Russell found some resistance today after some continued upside movement from Monday's higher gap open and close as compared to Friday's close.  The ZoneTrader weekly profile generated a failed bullish breakout and suggested to look for sells around the 698 price area.  The monthly profile has already generated a bearish breakout which suggest to sell the first retracement, it appears the majority of the 1st retracement has occurred and we are now looking for the sell signal to generate and start the next wave to the downside called the bearish confirmation wave.  The bulls have been active the first 2 days of the week after Black Friday but i expect the Russell (TF) to take one more leg to the downside over the next couple of days.  Whether or not we can take out the low of the prior week 661.50 and possibly break below the ZoneTrader pivot on the quarterly profile is another question.  There was a sell signal at 696.70 around 1 pm pst that is up 3.7 points currently based upon the close of today.  If the overnight market happens to take out today's low look for the selloff to continue with first target 686.60, second target 681.40, third target 664.50