Friday, August 10, 2012

Nemo's Findings for the week of 8/12/2012

(Course on chart pattern recognition is available now: 

 The week that was:

  • O.K. had a Brainfart.  Forgot to take a snapshot before I updated the Pivot levels. What I can tell you is the top for both the IWM and SPY were hemmed in by the Weekly R1 level.
  • This week the levels consolidated in a relatively tight range, with the SPY finishing near the highs for the week.  Frankly they look like bull flags.
  • Bad news, as a rule, continues to be bought, unless you're a broken business model stock (NFLX) and even it finished near the highs for the week.
  • The ECB gave Greece money this week to pay the loan Greece owes the ECB...huh?  and the market didn't react negatively to that.
  • Still looking to the German High Court decision 9/12/2012
  • Fed meets the day after 9/13/2012
  • Should we go south next week I don't think we get through the cluster of support in the 135 area.
  • Should we go north, there is also a strong clustering in the 143.25 area
  • Having said that, I find that constricting ranges in the Pivots are similar to constricting Bollinger Bands, so we could be looking at some range expansion 
  • Push comes to shove.....we go up next week...Poor bears, they must have worn the fur off from around their ankles.

So, without further adieu, the week that is: