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Saturday, May 30, 2009

Examining Friday's End of Day Spurt

Its not often I throw submicrowaves up on a chart. But Friday's end of day move was so curious I couldn't help myself. Hey thats what I do!

I charted the end of day structure as best I could with what the waves say so far. And the waves point toward a blowoff wave 5 top.

The e-minis match up well with this also. A gravestone-ish type doji candlestick even showed up on the hourly due to the way trading stops on Friday. The e-minis actually had almost a 10 point move in 1 minute and came back down in the same minute.

I found another prominent instance of end of month spurt at the finish (its not that uncommon). It also happened on the last day of November 2002 on a Friday. The curious thing about that chart is it opened the following Monday a point higher and then collapsed back down with the first hour of trading. So this supports Kenny's take that the market may open and hit his 921-922 target and then head down.

So how futures of course move Sunday will be some strong clues. Monday's opening will also be key.


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