Daily S&P 500 INDEX TRACKER

[dumbass]

i took profits on the upper trendline and would now like to make the case for another long term long entry.

http://www.sharetrader.co.nz/showthr...l=1#post380801

the market has come off in aggressive fashion but there are a few technical clues which make provide a low risk entry to the long side.

its a risky trade and a little more confirmation would be good but risk is defined and profit would be huge in relation to risk so worth a look.


from the technical theory i trade with there has been five waves up from the june low which means a 3 wave correction will follow.

the strongest reversal point for the 3 wave correction will occur at the 61.8 fib of the 5 wave move this occured and price respected 1343 a day ago.


looking at the internal wave structure of the correction what i look for is strong fib realtionships between the waves to give my count more credence.

we have C = 2.61 A B= 76.4 A c= 1.61 a v = 1.61 i v = .61 i-iii all within 1343 pivot

so im long from friday 1345 stop loss of 7 points from pivot 1336 with a target of new highs.

any thoughts ??

nice, still going at the bell

[ananda77]

...am watching *1390 behaviour very carefully - a decisive rejection there is super bearish and vice versa

Kind Regards

[dumbass]

i will never look a gift horse in the mouth i'll take my profit here at 1385 , still some work to do to truly convince me of a bullish break. i am never a great fan of the spike rally , i would like to see a more signifcant base build around the 1343 pivot.

[Hoop]

i will never look a gift horse in the mouth i'll take my profit here at 1385 , still some work to do to truly convince me of a bullish break. i am never a great fan of the spike rally , i would like to see a more significant base build around the 1343 pivot.

Well done Dumbass you nailed it....

[dumbass]

Thanks for the kind words

[ananda77]

Trader Update -data point 22 November 2012-



...initial decisive action on 20 November 2012 *1390 pushed the price below its 200-dsma, but the market supported *1377.04 and drove the index back into the *1380/*1390 congestion range with a *1387.81 Close just below the *1390 Psych barrier
...todays Close *1391.03 is not exactly awe inspiring since the intraday High *1391.25 still sits below the 9 November 2012 High *1391.31 and the 30 July High *1391.74 - however, viewed in conjunction with long term trending Fed. Liquidity_Institutional Investors_Foreign Liquidity Inflows extending in expansion territory, todays Close keeps a short term bullish bias alive and well

...as a result, base building in the *1380/*1390 congestion range signals the markets resolve to push the index further up into the *1400 resistance zone with a view to challenge the 50-dsma current *1426.80 - to keep this outlook alive, *1377.04 needs to hold - a violation of *1377.04 signals weakness ahead and a Close below *1365 and the mouse is dead

Kind Regards

[Hoop]

It had 5 attempts to crack that 1391 level today 4 failed and the market closed on its 5th attempt...Hmmm.

[peat]

turkeys acting as resistance? ;+)

[ananda77]

It had 5 attempts to crack that 1391 level today 4 failed and the market closed on its 5th attempt...Hmmm.

...agree and strategy is easy: if portfolio is long, short protection necessary at this pivot till direction is clear

Kind Regards

[dumbass]

looks like price breaking down , but bigger picture indicates 5 waves up which signals further gains for sp500.

short on at 1394 very tight stop at 1396 targeting 1374 or maybe 1362 and then look to enter long again.