So many charts are nearing "done". Oil hit a trendline today. Gold may be done. Dollar may be ready for a rally. The SPX could have topped at 1096.56. There are many charts ready to bust under their long-rising trendlines like Bidu and even Apple. However I give the market the benefit of the doubt. We'll see soon enough on Monday.
But so far the expectations of a successful "earnings season run" seems to be setting up. The media may be looking to higher priced markets even if a decline comes. But to me it seems like they are running the stocks and come earnings they are selling off. Google was an exception but it may be setting itself up for a reversal. Apple is a wildcard and I have a feeling its going to sell off. Amazon reports the 22nd. Who thinks Amazon will stay above $90 much longer after it reports its measly 40 cents or whatever? Rimm was already taken to the cleaner.
So the horsemen of tech may be taken down a notch or 2 very soon. We'll see.
Exxon is an interesting wave pattern chart. A "breakout" may only be a nasty (E) wave up and then reversal.
So a big move down Monday would not surprise me in the least. As someone mentioned, the hourly charts and such technicals seem to point down for Monday. We did after all have a 5 wave pattern off the 1096 top. Perhaps just a subwave corrective wave 4 or something and then new highs later in the week. I am open to changing the charts as there are many ways to interpret the move from 1019 up to 1096.
But it would seem to me that 1080 is a key support layer and that if that is lost, it may be hard to regain anytime soon.
On a side note GE has some $500B in debt? That's a big chunk of change.