Sorry I missed a market update yesterday, but I was in the field all day.
$SPX 15 Minute: Overlapping structure down looks very corrective and possibly finished.
$SPX 60 Minute: Possible inverted H&S bottom.
$SPX Daily: Excuse the busy chart below but it seems to highlight a lot of good data. The black down trend line, which is about the 200 day MA is holding price as resistance. I talked about it a few days ago, that a bullish flag right below resistance made a lot of sense, and that seems to be the case so far.
The horizontal black line, which is also the 50 day MA, is a support area, it's actually in between two other key numbers of 1,232 and 1,219, the market actually dipped down to the lower number today.
Price is also holding the red pitchfork as support. If we break below 1,219 and hold it, there could be something else going on.
Here's something for the Fibonacci Geek in all of us. We have 8 days up into wave A, and tomorrow is 5 days to finish B. If we got another 8 days up for wave C, it also gives us 21 days up from the November low and potential turn date of Dec 26th.
So, I'm looking for the market to find some traction very soon to confirm the ABC structure up is still in play. Anything in between the black lines is No Man's Land.
My Watch List: No charts because I'm waiting to see if the market shifts gears from corrective to impulsive.
From My Trading Desk: On Monday we took a short on CMG and GOLD. Today we took a nice gain on GOLD by closing it, and a small gain on CMG by closing that short. We scalped a gain by shorting fractional positions on BBBY and FDS today. We shorted a fractional position on HANS.
I closed most of my positions today as the market was down in the support zone and the over lapping pattern looks near complete.
J.D. Rosendahl, Rosey
Tuesday, December 13, 2011
|Stock Charts: Markets Might Have Finished the Consolidation Posted by J.D. Rosendahl at 3:58 PM||Print Page||Email This Post|
Copyright 2010 J.D. Rosendahl. All rights reserved.