$SPX 15 Minute: Price bolts over the down trend line and the bounce in structure looks unfinished moving up. A possible smallish H&S bottom in play. If so, I like a day of consolidation then push up. This might turn out to be nothing more than abc up!
$SPX 60 Minute: The first logical resistance area is the top pitchfork.
But the more important resistance zone is the 1,219 to 1,232 area. If it's ABC down from the October high, price needs to push through the resistance zone. If the market can't rally above that, the most bearish wave structures are quite viable.
$SPX Daily: On this time frame the same zone seems like the important data points for now. The MACD hasn't turned up, which leaves the door open for a lot of options.
IBM: Bouncing hard today as expected with a market bounce.
AAPL: It still looks like an abc down and might have finished with today's bounce. The 200 day MA is acting like a floor for now.
$TRIN 13 Day EMA: If we take a look at this chart we see a nice inverse correlation with recent market tops and bottoms. The latest correlation works well with today's bounce.
My Watch list: I don't have much on charts for a couple reasons. First, there's really no reason to go short much right now with today's bounce, even though I have candidates that could become targets. And yet, I can't get excited about being long stocks either. We are in No Man's Land, and conceptually, I want to see what the market does compared to the resistance zone of SP 1,219 to 1,232.
GOLD: This was the only chart I had up yesterday as a trading idea. It's a short candidate, on a day when the market bounced hard this stock broke below support lines! That's not bullish. It's actually pushing well below the lower BB with widening BBs, and that's usually bearish.
GOLD Weekly: I still think it will test cluster support at $90. Below that, and the bearish view intensifies.
From My Trading Desk: We closed a portion of our long on CGEN for a small loss.
Note: I have to say this, the market is very close to tilt. Today's big bounce is more indicative of a bear market bounce than a bullish move. If it can't get above the resistance zone, we could easily retest recent lows, and maybe even SP 1,000. It would happen because the weekly and monthly charts dominate to the down side as price and their MACDs slide in the near future. Expect volatility up and down to remain high. Ask yourself if this is the market you want to be in from the side of risk management?
J.D. Rosendahl, Rosey