On BPT's excellent chart, price has come back to the 50 SMA,
MACD recycled to zero, so possibly one more pop up before 60 Stoch
breaks below 80? On the other hand, the custom histograms have both
gone negative...
IMO, they didn't get enough stops to go on that last "breakout"
attempt. Usually, the second time is a charm and they can
power it up another 5 points or so -- to 1380?
Just be careful. Seems we are nearing the picking up
nickels in front of a bulldozer stage. What have become the
leaders of this market now (utilities and REITs) are running into
some major long term resistance.
SPX 5min
Posted by isplat on 18th of Jul 2012 at 02:17 pm
On BPT's excellent chart, price has come back to the 50 SMA, MACD recycled to zero, so possibly one more pop up before 60 Stoch breaks below 80? On the other hand, the custom histograms have both gone negative...
IMO, they didn't get enough
Posted by kalinm on 18th of Jul 2012 at 02:21 pm
IMO, they didn't get enough stops to go on that last "breakout" attempt. Usually, the second time is a charm and they can power it up another 5 points or so -- to 1380?
Hi kalinm - 1380 would also
Posted by isplat on 18th of Jul 2012 at 02:30 pm
Hi kalinm -
1380 would also be roughly at the upper trendline on the 10 min chart Steve just posted... I'm long for now.
Just be careful. Seems we
Posted by kalinm on 18th of Jul 2012 at 02:41 pm
Just be careful. Seems we are nearing the picking up nickels in front of a bulldozer stage. What have become the leaders of this market now (utilities and REITs) are running into some major long term resistance.
wise words indeed - got
Posted by isplat on 18th of Jul 2012 at 03:03 pm
wise words indeed - got stopped out earlier on, no big deal as I'm trading half size at the moment.