The Indexes sold off hard in the first hr but that was the low
of the day. The uptrend lines held on the 60 min SPX chart
and SSO chart as you can see, support was defended, then we had a
nice bounce in the afternoon.
It was a good trading day if you were nimble! Plus we had
a few breakout stocks go today like GY and MEE really follow
through nicely.
Otherwise, I need a beer! getting it out of the freezer
now, I have it timed so that I get it just before it freezes, if
you wait too long, it's no good!
On Matt's chart below the pullback could of been wave (b) on the
bearish wedge or wave ii if it impulses higher as I showed on the
15 minute chart earlier today.
Some wild action and I'm exhausted so have a great weekend
everyone.
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Crazy day - market recap
Posted by matt on 6th of Aug 2010 at 04:03 pm
The Indexes sold off hard in the first hr but that was the low of the day. The uptrend lines held on the 60 min SPX chart and SSO chart as you can see, support was defended, then we had a nice bounce in the afternoon.
It was a good trading day if you were nimble! Plus we had a few breakout stocks go today like GY and MEE really follow through nicely.
Otherwise, I need a beer! getting it out of the freezer now, I have it timed so that I get it just before it freezes, if you wait too long, it's no good!
Have a good weekend guys!
need to leave the beer
Posted by axehandle on 6th of Aug 2010 at 07:24 pm
need to leave the beer in so there is just a little ice in it...
SPX 5 min 60 sto buy signal
Posted by windyjazz on 6th of Aug 2010 at 05:02 pm
The 5 min tells it all as soon as the 60 sto went above 20 the buy was on and never looked back...what a powerful intraday tool!
On Matt's chart below the
Posted by steve on 6th of Aug 2010 at 04:10 pm
On Matt's chart below the pullback could of been wave (b) on the bearish wedge or wave ii if it impulses higher as I showed on the 15 minute chart earlier today.
Some wild action and I'm exhausted so have a great weekend everyone.