Tuesday, August 10, 2010

Morning Post, SPX, S&P 500, E-mini

Quickie cause I'm trading and anything in super detail is meaningless as the market waits for the FOMC at 2:15. Either way you are betting all I suggest is that you have stops in place. INTC did not help the cause.

Minis fell right to the 1112 support level and grabs the two wedge supports at the same time all the while the minis 30m is bottoming with divergences. If you want to see the whole wedge I'm sure it is in a post below somewhere. If 1112 goes

Showing the COMPQ this AM as it's divergences and wedge are the best that represent the broader situation. We'll not get ahead of ourselves and start talking targets till after the FOMC announcement. I will say that if it is bad, the target will be pretty low. GL and good trading. Keep those stops tight just in case. I'll post charts if the action gets hot and heavy.