thursday thoughts, page-8

LOL to all the comments.

XJO and the general market will be quiet today, the reason, I'm awake, coffee in hand, ready for action. :)

Seriously though, the SPI lows of late Oct are beckoning from here. We would have to continue falling after the XJO gap down to test them so they may not be within reach today but they aren't far away.

XJO also looks like testing the 76% fib line on the daily chart some time soon. Hopefully for our market it turns into a small double bottom and rallies on the 17th like a few are calling. The RSI struggling at 50 isn't a good sign though and suggests at least a test of the fib line if we don't get a good bounce today.

I'm not a real big fan of the down trend lines appearing parabolic either. Parabolas usually finish in a nasty fashion so I hope that doesn't eventuate. Of course parabola's do move in the opposite direction quickly so that could mean a nice big rally once it breaks the down trend line

The green line is support from April 05 and we are going to break that again on the initial gap down this morning.