Friday, October 30, 2009

Morning Post

Slightly down then up. Tough call for how much up as we are in the battle of P2 or P3 now. I do expect then to fight for a positive close today. Have a great Halloween!

SPX 60m - 1073 is the upper BB and the 50ma and in the retracement zone for the fall. That is where I expect this pop to stop (after a brief correction this am).

/ES - 15m - ED down. See the upper blue trendline. that is the market P2 top trenline. Expect it to come into play. The red resistance line is the old low from 10/13 at 1063. You can see it fighting the upper trendline.

SPX weekly - The most important chart - I'll do a more detailed analysis on why I think this char shows and why we might have a pullback and then one more run up. Hint - See the RSI and the red wedge.

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