We have a test of quarterly/yearly low and bounced off, on close only bases. First target is simply this week's high, then the gap above and last week's close. It should probably be sideway market for a while, like a week or two, until after more news arrive to move the market ... something boring
The backdrop is that the bounce we got yesterday is a weak bounce by all measures. Weaker than the low made last year in Nov. Thus some extra base forming action is needed to enable the market to reach higher grounds, otherwise, after pushing through various resistance directly above, the market will stall hard and fast. Several attempts to break it lower in these 2 weeks, with failure, is a good start.
I dont have a color printer but i want to print the think or swim charts. Does anybody know how to get rid of the black background and make it white so i can see the chart better?
jajahee...I have had many bad experiences here with many traders some who are still here.........I wish you and others all the best. Trading in all forms is a dangerous to your pocketbook business. Takes many years of hard work to succeed. I read the chart with candlesticks. 5 or 6 candle patterns are there all day everyday...they never go away in their accuracy. I use a couple of indicator lines but they are truly crutches. He wh o develops systems traps himself into difficulty being a good trader without tremendous unloading of too much mental overload. happy trading
Overall still bearish... I've been stopped shorting near support last time round, I will try it again once SPX heads towards 800, good trading 2 all!
Since 840 shuts it down and 820 should be touched sometime today, the retest of low scenario is likely. Personally, I am extremely bearish until 750 area is taken out 1st. Pek, what did you say last time where your target low for 2009 was?
T day boys got smoked last time, let's see if they come back for revenge and make something today out of the 50% retracement around 820 es.