Monday, July 6, 2009

She's Turning About - The SPX That Is

Update - Wow what a bad call. Let me explain why - I am so cought up in the PPT saving every technical turn on the 60m this one caught me off guard. I did note that the Dailys still had room to run and the pop was minimal to 907, but the fact is I still missed it. Sorry. Maybe GS is out of the market now with their market manipulation programs sidelined.

I see potential buy signals showing up on SPX 60m here. None are confirmed just yet, but since I'm getting ready to take a long jeep ride in the Rocky's thought I would throw this out there. It does look like some sort of bottoming process is happening on the 60m, but the daily's are not quite ready to cooperate. Just be ready to switch teams here soon, or at least be on the lookout for a potential small reversal. This will only IMO be a short pop to the 38 fib or top trendline around 904. The VIX appears to hape potentially topped out at a top channel line as well. All of this looks very weak and will only creat better short entries soon IMO.

60m SPX -

Indicators are bottoming. Does not want to take out 888 convincingly (although it did set a new low!!!)

Daily SPX

Got bear cross on the 50/200ma's (sorry Dennis Kneale) and the 200 does not look like it wants to break down just yet. Also right near the lower BB as support.

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