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, August 21, 2012

OUTLOOK

With today's price action, I will be looking for choppy sideways action the rest of the week to form a bullish setup that will take price to 1450 next week for the finally leg up before a PULLBACK (because I believe it will go to 1470 very likely in October as seen on my weekend posts).
I expect the choppy sideways action to be good for daytrading because of a wide range to work with as seen on the SPX-30MIN SHORTER TIMEFRAME II chart.

Note:
No VIX chart because after today's action, I am not sure what it is doing. I don't see a clear very short-term pattern on it. I just don't want to post a pointless chart or a chart I don't understand.