Tuesday, November 3, 2009

Morning Post

Gotta help with some campaigning for a buddy this am, so I'm doing this post last night (since you are reading this today or tomorrow since it is tonight), but I'll post it in the morning which will be tomorrow after all.

60m SPX - Bounce time? Most counts I see have us in 2 up, so I'm not gonna argue. Daily and 60m indicators say the bottom of this fall should be in. The divergence is finally set on the 60m RSI and the daily S Sto has what appears to be a bull cross. All that is needed now is for the daily histogram to start rising.

XLF - Weekly - Bottom line is that no matter how well this market bounces, the weekly indicators are topped and barring them embedding the fall will continue and get worse. Look at RSI crossing the trendline, the MACD hist or MACD, or any other indicator below. Upside is maxed out and the fall will happen.

GL trading.

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