Tuesday, August 21, 2012

Short Term - We are at the top of channel

Of course just as finish my Bullish Longer Term assessment of the SPX - We print a shooting star which could (should) signal a reversal down in the current channel.

I thought we would have seen this around Aug 6 based on the time frames since the June 4 Low.

If you're playing this short the R1 at 1405 is a likely target and now support - Likewise this is a good place to buy if you believe it's going higher.

Should that fail then the pivot and 50 DMA converge almost exactly at 1365.

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