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 3, 2012

SPX - TIME TO STEP BACK. NO CHASING.

I'm trying to understand the market formation in play. I believe there is a bull fakeout in play that will lead to a fast drop for a short-term move. Today's big opening gap has altered my chart setup but I see it reversing lower.

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME
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