Wednesday, December 21, 2011
Another long day, so I will keep it brief.
$SPX 15 Minute: The market was able to over come a little pull back today, and we have minor resistance over head.
$SPX 60 Minute: We back tested the 1,232 level with today's pull back. Notice the first red box, price pulled back a couple of times after a big move up, and before the next leg higher. We might be doing that again in the second red box.
$SPX Daily: This is the chart I like most for this index. We should test the red downtrend line and the 200 day MA in the coming days. A break above that and that opens the door for a test of the middle pitchfork and the black down trend line. I still like where they cross as a potential turning point.
My Watch List: It's still the same longs as yesterday.
From My Trading Desk: We had a handful of fractional longs going, so I closed two (XOM and MOS) for small gains. We did buy a fractional long on TBT.
I'm still trying to keep it small and nimble because we are coiling in No Man's Land, and that carries some risk.
J.D. Rosendahl, Rosey