Wednesday, April 21, 2010

30m SPX - Not holding My Breath, But.......

 UPDATE - $DJUSFN - LOL watch it bounce to new highs.H&S target near 95.Sorry I did not post the H&S earlier.

The 60m and daily could be rolling over as well. Here is the 30m chart. Got the bear cross and most interesting a lower high on the indicators (not to mention price). Do we have some sort of trend change? This is yet to be confirmed and is what had (still has) me somewhat concerned is a lower high on the indicators (those are really rare these days). Any real turn is yet to be seen, but keep your heads up just in case the GS bots are down for repair or something. RSI needs to make it thru the 50 line. SPX has busted support and gotten back below the bull market top line resistance and the February top line resistance. March top line resistance held for the most part near 1210. If it begins popping I'll update this post. Let's see what transpires in the lunchtime lull. Might have to wait for any confirmation till after 1:00. Let's see what happens on a backtest of the 1206/07 level.  I am short SH, SDS and FAZ since early this morning. GL.