Monday, May 10, 2010

Look At It This Way (For Now)

SPX daily. Indicators favorable coming off the lows, but the near term TL on the indicators loom just above. Trading just under the daily 50ma at the 61.8% retracement of the whole move from the high to low.Chart best viewed HERE.
SPX retracements for this mornings move. Yes, every dashed line in there is some sort of LT support or resistance line and I'm not gonna cover them all right now.It appears they did just enough to push it thru the massive resistance in this area and get it back into the P2 channel.
I'm in cash remaining patient to see how this plays out. I will go long or short depending on what the charts tell me when I think it is safe to enter. GL!

Another thing worth mentioning was the SPXA50 had reached the  standard reversal point  near 100. I told you to watch RSI on this weekly chart at the 50 line. Things just happen at this point. Chart better viewed HERE.