addendum: news on China stimulus plan http://www.cnbc.com/id/27633475
Markets are trading at pivotal supports on all timeframes as noted earlier shown below. I did not hear any good news during the weekend. Major markets, commodity, gold, oil, etc are all trading near at pivotal supports, so, all will be paying close attention to support area.
QQQQ 30.50 +/-
SPX 900 +/-
DOW 8600 +/-
Nasdaq 1600 +/-
I noted "rising wedge" formations prior to the 10%/2day sell-off. We now have potential "inverted H&S" formation with "symmetrical triangle" formations which could be leading to Inv H&S.
Breaking out from "symmetrical triangle" patterns to upside is an initial signal to a continuation of upside momentum as 60m patterns are showing.
Good luck with trading
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~~ 60m Major Markets ~~ intraday weak bounce on Friday after historic 10% sell-off in 2 days. While we saw a weak bounce after the severe sell-off, the price action provided some stability finishing off the week with a hope in the midst of extreme bearish sentiment.
A stream of fundamental economic news is also very bearish; and, collapsing financial markets at this point certain adds more despair to the pessimistic conidtion.
At least, 60min price action momentum is showing a sign of up-momentum as indicators are slightly turning up. In this volatile environment, anything is possible until we see lower VIX and economic news stability showing signs of good planning for how to revive our falling-apart economy.
Let's hope that we will hear some good, hopeful news from the Administration.
As noted before, we have potential Inv H&S formations with successful up-momentum after breaking the noted rising wedge formations. Let's see whether we will see price support in the midst of scary economic news
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