Overbought RSI on pre-market top, RSI grail on 12:00 ET top, MACD histogram divergence. Plus R1 pivot is 1459. (Not that I believe in pivots, mind you, but every little bit of confluence helps.) Retest of top now may wind up stopping me out (as Spec predicted). Been trying to post a chart, but ET server won't take it for some reason. (It's a small .JPG, so I don't know why.) EDIT: They picked me off. Stopped out for -2. Still think it was a decent entry, given the risk-reward. Looking to re-enter short. EDIT: Re-entered short at 1459.50 BS at 1461.00 (6 ticks) If this one stops out (which it certainly could), I'll give it a rest.
currency inflows implying asians, converting yen to dollars and buying indexes., it helps their own market.
SPX with the 200d kiss from under @ 1454.75......with the 20day just above that.....provided a quick reaction.
mbusch, nice re-entry, RE: pivots. It is not a question of belief or not belief for me, I use them as a heads up, when price reaches one, I look to the charts, volume and histogram to see if I can make a case for long or short. I don't have your kind of patience for the bigger targets (I am trying, but it is difficult for me), shorted 58.50 and 58.25, already covered at 55.25 I almost got stopped out, had stop at, are you ready for this 1460.25 I thought for sure it would get hit, but it didn't downside helped by Fed's Lacker hawkish comments says market turmoil could force consumer to pullback credit... problems go beyond subprime.
watch for the price action around 2:00-2:30. shorts will be lifted before that point, and if nothing happens.. reinstituted for 3pm slide. 1444 target.
what bulls do NOT want here is to trade below yesterdays swing lo.....putting in an outside day....that would be a big reversal signal,especiallyat the top end of the channel. the higher we get ,the heavier we feel up here.