agree that in the short term this is a S/R level
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Trader Update -data point 20 July 2010:
...the SPX 500 opened lower *1065 and immediately gapped down to intraday Low *1057; following the gap-down open, the market so far continuous to close the gap with market internals improving throughout the session
...the index is trading above short term resistance *1070/*1072 at present and if the strength continuous into the Close, the bullish reversal indicates a successful defense of the July 8 *1058/*1068 zone
...above the July 19 *1075 High, the market is likely to trade higher with the June 19 High *1119 and potentially, the June 21 High *1131 as targets
...look for a bullish trade above *1070 – target *1130 – stop *1047
Long Term: http://i26.tinypic.com/s68395.jpg
Kind Regards
Trader Update -data point 21 July 2010:
...the SPX has slipped back to unchanged levels this morning and appears content to consolidate Tuesdays bullish outside day from *1057
...until the July 16 break-down level *1092 is taken out, the market could range between the July 19 High*1074 and todays High *1089 but time spent inside these parameters should set the table for follow-through higher next week
...a breakout above *1089 should invite another leg higher with the June 19 High *1119 and potentially, the June 21 High *1131 as targets
Long Term: http://i26.tinypic.com/s68395.jpg
Kind Regards
>>>>>>>
David Rosenberg: The Meat Grinder Market
Fed's Bernanke: outlook unusually uncertain, Fed prepared to take further action... ...the Bull/Bear Conflict continues
Outcome: index crashes to around 900 - market cries out loud - political correctness (austerity) takes a hiding - Bens helis airborne again - everybody happy
Kind Regards
Too complicated stuff for me to understand. I have been pouring my hard earned money since may and if it goes down the drain, so be it. I will call it risk taking. I will stick to good old p/e, p/b, roe, roce, div yield etc.
Trader Update -data point 22 July 2010:
...the SPX successfully defended the July 20 Low *1057 during Wednesday late collpase and has surged higher after this mornings data
... the impulsive advance broke the July 21 High *1089 as well as the July 16 break-down level *1092 to intraday High *1098 indicating a readiness in the market to take on the July High *1100 as a next up-side target
...based on todays price action, a similar break-out from the *1100 level is expected that should motivate the market into further upside with the June 19 High *1119 and potentially, the June 21 High *1131 as targets
Long Term: http://i26.tinypic.com/s68395.jpg
Kind Regards
short term daily indicators are back on BUY for the SP500
www.stocktiming.com: -data point 26 July 2009-
...Institutional Core Holding http://i32.tinypic.com/2q869h5.jpg -above wedge support with a positive bias-
Trader Update -data point 26 July 2010:
...the SPX moving in on the June 19 High *1119 after breaking the July High *1100 with market internals remaining constructive for further upside to take out *1119 initially; potential to extend to the June 21 High *1131 before risk of a corrective down move increases
...however, at this stage, it is expected that a brief corrective drive will confirm the July High *1100 before heading back towards trendline resistance current *1142 with potential to extend to the April 29 Low *1158 -IF- institutional buying levels increase to sustainable levels
...institutional selling http://i30.tinypic.com/6oeovc.jpg -down trend but institutional buying needs to increase for a sustainable long term advance
Long Term: http://i26.tinypic.com/s68395.jpg
Kind Regards
...please note: will be in Australia to September 9 unable to update for the entire period starting August 8
Trader Update -data point 27 July 2010:
...the SPX traded above *1119 to intraday *1121 but failed to challenge the June 21 High *1131; the index closed (-1)
...as a result. downside risk to affirm the July 13 High *1099 remains until the market is able to take out the June 21 High *1131
...above *1131, trendline resistance current *1142 with potential to extend to the April 29 Low *1158 come into view as up-side targets
Long Term: http://i26.tinypic.com/s68395.jpg
Kind Regards