imdp

imdp

I've been a vocal (probably obnoxiously vocal) doubter of the Russell 2000 for the last two weeks. I've also been very wrong! A longer-term perspective presents IWM has "Pinocchio'd" above upward channel resistance - although it did not close above resistance today (Friday, July 12th) and put in a rather bearish "hanging man" candle, this hasn't mattered to Mr....

imdp

Few extra lines drawn for our amusement. Going to $200!!! Not. Well, maybe. This is Bernanke we're talking about... Going to infinity! YES! Bernanke is GOD! Worship him!

imdp

IWM (Russell 2000) bumping into (Major) upper trend line resistance with 5 eWaves off 2011 lows. Let's see whatcha got, Bernanke.

imdp

Bullshit.

imdp

Beware Head & Shoulders top. Crazy days ahead Wed - Fri with catalysts-a-plenty. Tough sledding for bulls and bears at the moment.

imdp

Tagged the top BB - we'll see if it expands higher or reverses lower. Still Short

imdp

A double could be in the cards for those brave enough to enter long.

imdp

It seems impossible for the $SPX to hit 1500 right now. 1500 is just getting started according to this Head & Shoulders Top formation.

imdp

H&S Top (I am short IWM via Puts) short opportunity before Friday's NFP. Targets 96.5 to 95 -- with stop at 99.12

imdp

BB tag should indicate high probability reversal point (overbought with dumb money). Head & Shoulders-like pattern targets 95 handle if/when triggered.

imdp

Failed Cup & Handle breakout then small inverse head & shoulders forms in an attempt to fill the gap. Implication is bearish and I will sell short when gap fill target is acquired. (Currently short IWM via Puts)

imdp

$35.50 support critical should it be tested prior to testing recent highs. Note selling pressure on recent candles.

imdp

TVIX could be setting up a run for the $5 handle and beyond, soon. I like it long here but do not have a position currently. (Short IWM via Puts at the time of writing.)

imdp

...to those who wait for a retest of the breakout area. Note reversal candle on the daily 07/01. Breakout level should hold before committing long. Good luck!

imdp

Purely hypothetical, but there could be a "Double Trouble" (one H&S on top of another) setup in IWM. Note the open gaps shaded in grey boxes. (Disclaimer - I am short IWM via Puts. Not a recommendation, just an observation! Thanks Kirk for the phrase "Double Trouble" used in the title of this post.)

imdp

Should the pattern in this chart trigger (break below 1530 on strong volume) a measured move to 1400 is in the cards with the potential to test the trend line from the 2009 bottom around 1350. Volume signature is a textbook example of what one looks for in a H&S top validation. Not sure what the catalyst will be that has the potential to instigate such a violent...