2 hour chart showing potential bounce ImO. Daily is setting up into a bounce also, I will be buying a lot more than I usually trade + insurance. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1666236>
dramatic chart http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=0 every1 prepared for a chop this week?
1447 was right around the low of the right shoulder (December contract) after the August bottom. I post here for fun and enjoyment, and I remember that day well here--the Saxon-averaging-down-to-big-paperloss- so-smoke-a case-of -cigarettes-day. The market went straight up from there. I'm looking for 1460's, but 1440's are not out of the question. That upbeat Friday employment report did nothing to erase Thursday's weakness. Breadth looks anemic, and Friday looks more like a pause in the downtrend. We'll see early this week if continuation is in the cards.
I have to say my anaylsis on 3 of the 4 markets is pointing for a continuation to the downside. The area to watch will be the mid 1520's-1530. Hopefully the market can muster enough strength to get up there so I can look to get a nice position short for the next leg down. However, looking at the globex it looks like I may have to enter intraday on a short setup and may not get my sweet spot entry... time will tell. Minimum target would be in the 1460's but could definately be a move below 1400... If the market blows through 1520-1530 without any weakness bias switch to bull side for the time being.
gm apex82 just want to say I admire the dedication and energy that you commit to your analysis each night. regards f9
Big picture... <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1666579 width=600> Click on link below for full-size graphic.
i`l take the other side of that one just for today...... & looking to trade into the 20`s today.....although i`m a full blown bear here but not immune from making $ from the bull side. safe stops are just under 1500. Apex `s analysis is exactly what i see....21/23 R.....followed by 27/28.......the last stand for shorts is 31/33. good trading