Enlarge any chart by clicking on it.

Unless otherwise specified, ALWAYS use the 15min chart to enter my recommended plays because
CONFIRMATION is a MUST. In other words, you need to see a 15min candlestick that CLOSES beyond
the entry point, then enter when it moves 10cents after the high/low of that candlestick.

Saturday, November 19, 2011

SPX WEEKEND REVIEW

SPX failed to confirm the breakout on Friday. Another failure on second attempt to confirm on Monday will once again put the Bears on the defense (they have control at the moment). I only allow 2 attempts to confirm before the setup is negated and reassessed.
SPX looks ready to bounce back to 1260. We are very likely to see a very strong bounce on Monday. Keep in mind that my opinion is not important, but what the charts say. So go with the setups (entries, targets and stop losses) on the charts.

SPX-WEEKLY

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME
Posted by at