Cobra's Market View Private Messaging System shows:
Well, what a dramatic day it was! Although the last minute sharp drop usually didn’t mean anything, we’ll probably see a rebound Monday, but I think the ES (SPX E-mini futures) 60 min chart below gives a clear overall picture: A Bearish 1-2-3 Formation was confirmed. The target area is around 1103.
As for the firework I talked about yesterday, apparently, it’s a failed setup.
Also, according to my proprietary indicator, it foresees, you, my dear readers, a happy and promising 2010. Happy New Year!