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Is That a Head and Shoulders? 11/30/03

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This market reminds me of Never Nowhere All At Once. Did you see that movie? 

The pattern on the hourly chart of the ES, 24 hour S&P futures looks like it could be a top, but then we see that pattern of higher lows which makes me think that it isn't. 

And so, we wait for resolution. The market must still prove that it can break through the zone of major resistance from 4540 to 4600. The first challenge this morning will be to clear 4565. If they clear that, then today should be marked by an attempt to test yesterday's high of 4587. But if they fail to clear 4565, then we look down to 4538 as the last line of de fence for da bulls. Below that, bears would have some running room to at least ohmagawd, 4530. 

I don't see this range being broken today, but l know absolutely nothing. I'm just guessing. Not just today, but all the time.  My guess is that if they do roll over today, then we get another down day after this to complete a 5 day cycle down phase. As for the longer term, it looks like a 420 Friendly Market Take that for what it's worth. 


I'm gonna renovate a bathroom. Going tile shopping today. See you later! 

For moron the markets, see:

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2 hours ago, WTF said:

Salesforce up 6.7% today... but no worries, with a 93P/E only up from here...

I didn't realize that Salesfarce was in the Dow. But tis. 

It and Boing are the big movers. 

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