$SPX 15 Minute: Last night I suggested we should push higher and close the gap and test that minor peak on the black line. We got all of that today. Price is beginning to look a little tired and stuck in No Man's Land. See the next chart.
$SPX 60 Minute: Traded right up to the downtrend line today on the intraday and the MACD looks tired and possibly ready to turn over. The question has to be: do we have enough gas to push up and close the next gap or not. If so, that would remove the most bearish of views for the time being? Or do we fail at the downtrend line and turn down? So far, this move up doesn't look like an impulsive wave higher. So, we should have better clues with tomorrow's pricing.
$SPX Daily: Here we are right on the middle channel line with the MACD right at the turning point. No Man's Land, but we should have a better idea after tomorrow. No sense in getting ahead of ourselves.
My Watch List: This has been a very busy week at my job so I'm going to keep this update brief. From last night's update: Stock Charts: Market Push A Little Higher I like the following stocks in order of preference: FSII, REDF, AMZN. Also interested in UHAL, DAL, REE but on these I want see something definitive happen compared to first three. Show me the money. I took a quick scan today, but couldn't find anything I really liked! I'd rather take a fresh look over the weekend for new ideas.
From My Trading Desk: Yesterday I said if we pushed higher towards the resistance areas on the intraday I would take gains on longs and that's exactly what we did. During the first hour of trading I had very nice gains on AMZN, FSII, and REDF. They in total were 3 times the loss on FCX, so I sold all four. All in all, great gains and risk management. I new I wasn't going to have time to trade or monitor positions today so I went with the known, and closed all four for nice net gains.
Towards the last 10 minutes of the day I had a chance to check a couple of stocks and bought back a 2/3s position in FSII. I wanted to stay light heading into the weekend and while price is testing resistance on the intraday.
Tomorrow I will be on the mountain skiing a big powder day, so I can't imagine a lot of trading tomorrow unless it's early in the day, which if anything, I'll be taking gains on FSII if it's there. I wouldn't mind getting back into AMZN because today's bounce might be the beginning of a tradable bounce, but I'm more focused on the market for now.
J.D. Rosendahl, Rosey
Thursday, March 24, 2011
|Stock Charts: The Market Pushes Towards Intraday Resistance! Posted by J.D. Rosendahl at 4:36 PM||Print Page||Email This Post|
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