$SPX 60 Minute: Still stuck in No Man's Land waiting for a break out.
$SPX Daily: On the more bullish view, if price can move above 1,232 it can slide up to 1,250 where the upper BB and more significant price resistance lies. I'll be watching the 60 minute time frame Friday and Monday to see if there are any structural clues to direction.
IBM: Day 3 resting on the bottom wedge line. It seems likely this rest will give way to a push lower in the near future.
AAPL: Price slid a little lower and it too seems likely to slide even further in the coming days and weeks. Maybe down to the support lines in blue! Also can't rule out a back test of the black uptrend line, even in the move lower.
JNK: While IBM and AAPL look near term bearish, this could have a little more gas up to the resistance box.
My Watch List: I might not trade tomorrow, or least not any new trades. We are going into the weekend and the market is stuck in No Man's Land, and unless something interesting develops a day off at this point might be the right call.
From My Trading Desk: When the market opened, DECK traded lower and we closed our full short at $97 for a very nice gain. It got well below lower BBs on the 30 minute time frame, so we closed it. Late in the date we took a fractional short on AMZN.
I'm still keep the trades light and the positions narrow. Waiting for Mr. Market to show us something useful.
Happy Trading
J.D. Rosendahl, Rosey