$SPX 15 Minute: A little engulfing pattern at the close of business today. Do we get a little sell side pressure tomorrow?
$SPX 60 Minute: I have two chart for this time frame. The first one is with the Pitchfork. Yesterday I said my upside target was the 200 MA and the middle pitchfork. We failed today right at the 200 MA. You'll notice the last time we put in a bearish candlestick, we got a little selling pressure.
And maybe it's a little selling pressure and one more push higher. It still looks like abc up. Wave a = c around 1,228, and that's roughly the middle pitchfork. BBs are starting to pinch so we should see price move soon. The abc is still my primary near term view.
$SPX Daily: It still looks like abc up with plenty of over head resistance. The light blue line is minor resistance just above 1,220. The red line is the 50% retracement level @ roughly 1,228.
My Watch List: No charts. Still waiting for Mr. Market to provide a better clue if my primary view of abc up is correct and done!
From My Trading Desk: We sold both the GLL and TBT early today for small losses. Fortunately, they were fractional positions and not a big deal.
I'm still trying to keep it light for two reasons. One, I'm waiting to see if my primary view is correct on the abc of IV. If so, we should see this structure come to an end this week. Second, if this view is right, then we should get one more push lower on Mr. Market, which could send gold and bonds higher. It's at that moment in the future where a solid trading opportunity lies. I'd like to keep my powder dry for both of those potential opportunities.
J.D. Rosendahl, Rosey
Tuesday, August 30, 2011
|Stock Charts: Markets Press a Little Higher, But Still Look abc Like Posted by J.D. Rosendahl at 1:40 PM||Print Page||Email This Post|
Copyright 2010 J.D. Rosendahl. All rights reserved.