One more chart before I take off for the day. NYSE bullish percent index. This chart most accurately reflects the two possible scenarios I painted above. A 2006 style correction with a lower low to come or a 2005 style correction where a double bottom will occur right now. Of course, there is the gloom-doom scenario of the retracement down to 1130...however, im betting that it will be a 2005 style correction.
Mike, now that you're bullish you can't change you mindlater this week and go bearish should the market go lower. If you do we reserve the right to flame you. Maybe you would also make more money if you spent less time drawing funny graphs and talking TA gibberish and actually went long on something.
It appears the SPX is now struggling at the 1488 level as posted earlier. This is probably going to be our pivot point to either 1454 or 1380 something as I outlined in the earlier post. Any takers. Which level will it be? 1454 or 1380something. Too lazy to scroll up a few posts to see what I wrote about the other scenario. PS- Just looked it up. Its 1387 is the other possible pivot.
Day's Range: 1476.03 - 1488.30 1488 was our pivot for sure!!! We will now sell down to either 1454 or 1387 give or take a couple of $$$.
Nope. Now we have to test Friday's lows. It does look like they got tested today towards the end. If price can hold 1454, then we will go much higher from here.
If you are TOO LAZY to scroll-up to see what you actually wrote ( let alone can't even begin to recall what you posted in so far as SPX levels are concerned ). . . you my friend are one dangerous individual. I hope you aren't managing anything more than "paper" trading, and certainly have nothing to do with public funds.
i've been bullish, but that seems too little time for a double bottom... we'll see how this plays out. i sold my longs in early day in my primary trading acct. Unfortunately my other acct I chose to let them run ... maybe FOMC will come to the rescue. I hear a prime lender is collapsing...