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 15, 2013

SPX

Technically speaking, for about a month the bulls have had every reason to continue higher but have failed to do so. This is very significant because bulls have taken advantage of every opportunity.
The bears fought hard this time and were not going to let themselves get run over again. This is a very bearish sign because there was nothing preventing the market from going higher technically in my opinion. (I just did not see anything bearish on the charts.) But as I have seen so many times, when the bears have something developing, the bulls will come and snatch it away leaving the bears with many excellent setups but no confirmations (Bear Fakeout). Will this be another failed attempt? So if the bears are serious, there must be follow-through lower tomorrow otherwise the bears are in great risk of turning this into another Bear Fakeout (= Bull Run).

SPX-DAILY VI


SPX-DAILY V


SPX-DAILY IV


SPX-DAILY III


SPX-DAILY II


SPX-DAILY I


SPY-15MIN II


SPY-15MIN I
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