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, January 21, 2012

SPX WEEKEND UPDATE

While my charts and indicators have been pointing to a rollover (and continue to do so) over the past few weeks, it has resulted in a bear trap and tunnel vision by making me too focused on a downside reversal. As a result, I find myself making a long-term call rather than my usual swingtrade.
I have not been able to take advantage of the grind up or make an objective short-term decisions but instead focused on the long-term picture (Gambler's Fallacy).
I continue to expect a fast reversal downward that will take the SPX to about 1100. I strongly believe the current move up is a bull trap that will lead to a long reversal downward.
I will go back to posting quick swingtrade plays with Entry, Target and Stop Loss as they appear with a bearish long-term outlook.

Note: I'm not a bear (nor a bull), but I will like to see the market keep rising if that will mean a better economy since the market is a leading indicator. But I don't think that will be the case.
I just play the hand I'm dealt whether bullish or bearish.

SPX-WEEKLY

SPX-DAILY LINE

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME
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