That I agree with you on Jim. But it all depends on where we close tomorrow. We need to close above 1080 to remain bullish into next week. A close of 1079 or below will cause more selling I believe.
Looks like we may have bottomed for awhile, and should go back up for several hours to allow the 15 minute chart to reset from oversold to overbought.
That means we could sell off into the close, if they plan on taking out the 1075-1080 lower trendline support on the rising channel. If not, then we could continue to climb back up in that C wave that everyone is looking for? Hard to say which at this point?
S&P 500 Trending down below the 50 Hour SMA.
http://niftychartsandpatterns.blogspot.com/2010…
I agree.
Figured I would take some nice profits here because I have a wedding party in town and cannot pay as close attention tomorrow.
That I agree with you on Jim. But it all depends on where we close tomorrow. We need to close above 1080 to remain bullish into next week. A close of 1079 or below will cause more selling I believe.
Looks like we may have bottomed for awhile, and should go back up for several hours to allow the 15 minute chart to reset from oversold to overbought.
That means we could sell off into the close, if they plan on taking out the 1075-1080 lower trendline support on the rising channel. If not, then we could continue to climb back up in that C wave that everyone is looking for? Hard to say which at this point?
I sold spxu typ vxx into theis expecting a bounce.
All oscillators are still bullish. Got feeling next week is a bull week.
Dow Jones Trading well below the 50 Hour Sma.
http://niftychartsandpatterns.blogspot.com/2010…
always 🙂
k – thanks.
Yes just went long low of day for scalp 🙂
Don't get too excited yet. This thing is definitely being controlled.