$SPX 60 Minute: I like the idea of pushing a little higher, then back testing what is now key support! MACD is almost ready to support a consolidation of this advance.
$SPX Daily: The ideal spot for wave A or 1 to finish is at the cross of the resistance line and the middle pitchfork, or a splash up to the 200 day MA. This should happen soon.
My Watch List: Nothing new today, the same charts from yesterday (CSX, DD, MMM, FDX, XOM)
From My Trading Desk: Today we sold the remainder of our CGEN for a very nice gain. I might be out a touch early, but it's a thinly traded small cap. We also took small gains by selling longs on CSX and DD. Later in the day we bought a fractional long of BLL because it has the same inverse H&S structure as CSX and DD.
Happy Trading.
J.D. Rosendahl, Rosey