...the SPX 500 advance stalled overbought *1220 ahead of the August 31 Congestion High *1230. The consequent impulsive sell off violated short term *1194 support with an intraday Low *1188 so far. Risks are high for more downside to affirm the *1183/*1178 support range ahead of the FOMC outcome
...any violation of the *1180 support will strenghten the view that a bear strike is underway that will attempt to take out the September 6 Low *1136 with high risk to stretch lower to test the August 27 2010 High *1066
...the SPX 500 again rejected *1220, unable to lock in gains ahead of the FOMC outcome - never the less, above the weekly September 11 Close *1190, the index remains on track for more upside with the August 31 High *1231 as the next overhead target
...violating the weekly September 11 Close *1190, signals weakness ahead with downside potential targeting the September weekly Low *1182 support
...any violation of the *1180 support will strenghten the view that a bear strike is underway that will attempt to take out the September 6 Low *1136 with high risk to stretch lower to test the August 27 2010 High *1066
...the SPX 500 got hammered through the *1190/*1180 supports - impulsive sell-off confirms the September 20 High *1220 as top
...short of a miracle (rigging the markets), immediate follow through lower would see a re-test of the September 6 Low *1136 - high risk to stretch lower to test the August 27 2010 High *1066
i still favour one more rally that will exceed 1220 top (will be a lot of short stops above 1220 ) , so i guess i believe in miracles otherwise we are down from here.
Trade: sold the SPX 500 *1194 - Target Range: below *1096 - Stop: *1168
...the market immediately followed through lower after yesterday's romp and sliced through the September 6 Low *1136 support - currently stabilizing following an intraday test of the August 21 Low *1117
...the selling over the last two days has been exhaustive and the market is heavily oversold - however, a violation of the September 6 Low *1136 support indicates upticks should be capped by the September 22 Congestion High *1158 at a maximum
...failing the September 22 Congestion High *1158 signals high risk for more downside with the August 27 2010 High *1066 as target
Trade: sold the SPX 500 *1194 - Target Range: below *1096 - Stop: *1168
...selling over the last two days has been exhaustive and the market is heavily oversold - however, a violation of the September 6 Low *1136 support indicates upticks should be capped by the September 22 Congestion High *1158 at a maximum
...failing the September 22 Congestion High *1158 signals high risk for more downside with the August 27 2010 High *1066 as target
...the SPX 500 remains heavily oversold on the weekly indicator 1yr_2yr - quite oversold on the 5yr - as a result:
Trade: sold the SPX 500 *1194 - Target Range: below *1096 - Stop: *1168 - Exit Trade *1133
...the market extended the oversold corrective drive from the September 26 Low *1108 and pushed into the September 22 Congestion High *1158 as expected
..failing the September 22 Congestion High *1158 signals high risk for more downside with the August 27 2010 High *1066 as target - however, above the September 6 Low *1136 support, the market will continue to push into the June Low *1258
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