Posting this after midnight Thursday January 29th, so this is going to show up as Friday January 30th post.  So far, the overall market is acting just like I thought it would. It backed off from the outside resistance area that I had been calling for. I would expect another down day Friday morning, with a possible reversal towards the end of the day, resulting in a flat to slightly up at the end of the day. 

What this is going to do is catch a lot of people off guard who are positioning themselves for what they think is going to be the big crash. I think that day is coming, but I just don’t think it is coming quite yet. So, on the flip side, if it can add to the over 3% decline it had today it will fool a lot of people to jump on the short side and try and profit from a declining market, only to reverse on them sometime Friday or Monday. When the outside line gets taken out it will bring in a lot of buyers and short covering which will push the market higher. Let’s see what happens.

Today had only a few trades at the end of the day for 2 points profit. They were -4 ticks, +4 ticks, +4 ticks, +2 ticks, -3 ticks, +3 ticks, +2 ticks. The beginning of the day usually has great volume and movement.

Related posts:

1. Follow up on Market Calls
2. Recap of Recent Calls Made in Emini S&P
3. Nice Trade to Target in Today’s Trading
4. Today’s Target Hit in S&P 1110 Market Call
5. Target Call Complete, with 940+ On Today’s S&P

Tags: 2 points profit, big crash, Market Call