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.

Tuesday, January 10, 2012

SPX - THE GRIND UP CONTINUES BUT IT'S A BEARISH SETUP.

I'm just amazed how long the grind up has lasted. Though it feels like the market has been steadily moving up, this is really not the case. Over the past 2 weeks, the market is flat except for 2 decent up days i.e Jan 3rd and today which were big gap open days then flat from that point on. This is not a sign of strength but of weakness. Just one down day will be big and completely reverse the trend.

SPX-DAILY LINE

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME
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