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, August 23, 2012

SPX

(Pardon the late post. Some days just require more work.)

Look for the next leg up to 1450 to start tomorrow.

JUST FOR FUN:
Durable Goods Orders will be released before the open. The consensus is 1.9%. I expect it to come out better than expected. I believe it will be likely 2.2% (or even much higher). The year/year number will also be better than last months report of 8%. I expect it to be about 10%.
Whether the market will react to it is another issue. It can choose to ignore, overreact or move opposite to it. The market has a mind of its own.

SPX-DAILY V


SPX-DAILY IV


SPX-DAILY III


SPX-DAILY II


SPX-DAILY I


SPX-30MIN II


SPX-30MIN I


SPX-5MIN