$SPX 15 Minute: There are a number of possible patterns. Below are the two I like the most. A wedge in blue, which means we should start a sell off Monday or Tuesday. Or an expanding of the abc pattern in green, which means we push a little higher.
$SPX 60 Minute: We are stuck in no man's land, but price should break this soon.
$SPX Daily: We have plenty of over head resistance if we need to bounce higher. Since we do not have a divergence, I still like the idea of another push lower to create that divergence. This sideways pattern is pulling the BBs together, which means we should see price move when they pinch.
$SPX Weekly: When price has fallen below the 200 week MA it was followed by a bounce back above and a test of the 50 week MA. I think we get the same thing this time too. The question is do we get another push lower like I expect, then the bounce to follow? If we get to the 50 week MA and fail, the party could be over for a while.
My Watch List: I don't have any charts, as I'd like to see how we trade Monday.
My Trading Desk: Friday when the market traded lower early we closed out small short of PNRA for a gain.
J.D. Rosendahl, Rosey
Sunday, August 28, 2011
|Stock Charts: Market Still Inside a Consolidation Zone Posted by J.D. Rosendahl at 3:57 PM||Print Page||Email This Post|
Copyright 2010 J.D. Rosendahl. All rights reserved.