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.

Wednesday, November 16, 2011

SPX

Though SPX is still in the Bullish Pennant formation, the internals are looking very weak (bearish). It's not over yet for the Bulls but things could change very fast. The Bulls are still in control but hanging by a thread. The Bears are looking very serious.

Note: After yesterday's action (and a few days before), the charts was pinching (half-diamond i.e symmetric triangle) and ready for a big move today. I unfairly was looking for the break higher (for today's trading) based on the big picture. So I totally ignored the downside (very bad thing to do). As a result I made an unfair post though my actual trading was different. The price action for the day showed clearly the drop as everything lined up perfectly after the break of the Rising Wedge with confirmation as seen on the 30MIN SHORTER TIMEFRAME chart.

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME
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