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.

Thursday, February 23, 2012

SPX

Unless we see a push above 1370 tomorrow (in order to regain short-term upside momentum), the bulls are in trouble. My upside target of 1380-1385 is looking less likely as upside momentum seems to have disappeared.
The market looks ready to roll over starting tomorrow. Watch for a big drop tomorrow of about 23points on the SPX to 1340.
The market has me confused at this time.

SPX-DAILY LINE

SPX-DAILY

SPX-30MIN LONGER TIMEFRAME

SPX-30MIN SHORTER TIMEFRAME

SPX-5MIN
Posted by at