Ok, I'm the first one but I declare that this is some kind of
top today.....
I'm looking forward to the newsletter. With bonds, stocks, USD
and gold doing whatever they want, with correlations that seem
to change (are there any? guess yes...) and supercomputers that
trade with money out of thin air....
I'm asking myself if TA still works or if everything is out of
control and just everything can happen or the opposite as
well.....
zwyss - clearly there were some shorts who got squeezed today
that aided the late afternoon surge. Outside of a small sell
signal that was quickly recovered last week (explained in the
newsletters), the SPX has remained in a strong uptrend. Don't worry
about calling exact tops, better to see a clear impulse down (which
has yet to unfold) that portends a trend reversal of some sort. In
the meantime, look for objective setups and trade them in
accordance with your objectives. I posted some Fib levels on
the blog earlier to monitor as well as the upper trendline on the
SPX daily chart below.
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Top
Posted by zwyss on 13th of Mar 2012 at 04:46 pm
Ok, I'm the first one but I declare that this is some kind of top today.....
I'm looking forward to the newsletter. With bonds, stocks, USD and gold doing whatever they want, with correlations that seem to change (are there any? guess yes...) and supercomputers that trade with money out of thin air....
I'm asking myself if TA still works or if everything is out of control and just everything can happen or the opposite as well.....
Feels like a blowoff top,
Posted by sethbru on 13th of Mar 2012 at 05:07 pm
Feels like a blowoff top, but my gut feel is usually wrong.
Classic short covering rally. I believe lot's of traders expected
Posted by tomW1 on 13th of Mar 2012 at 05:34 pm
a pullback at this level and at some point this afternoon they capitulated in masse!
zwyss - clearly there were
Posted by steve on 13th of Mar 2012 at 04:55 pm
zwyss - clearly there were some shorts who got squeezed today that aided the late afternoon surge. Outside of a small sell signal that was quickly recovered last week (explained in the newsletters), the SPX has remained in a strong uptrend. Don't worry about calling exact tops, better to see a clear impulse down (which has yet to unfold) that portends a trend reversal of some sort. In the meantime, look for objective setups and trade them in accordance with your objectives. I posted some Fib levels on the blog earlier to monitor as well as the upper trendline on the SPX daily chart below.