The SPX failed to take back the cited levels (see sticky post
above) and has now pulled back to new intraday lows. Very
choppy action wtih the 9/20 day EMA's just below and then 1400.
Looking at the bigger picture, still watching to see if the SPX
can carve out a higher low (right shoulder) in the coming days.
Monthly payroll reported on Friday.
One thing I'm looking at: we have a confluence of three supports
right here at 1405-04:
the 9 ema
the 23% fib retracement from the Nov 16 low
the 50% fib retracement from the Nov 28 low
In strong trends, as Steve has often commented, the 9 ema will
hold as support. On the squishier side of things, there are
lots of talking heads calling for the market to go higher by year
end (1550 - 1600), and there's only four weeks left. So, I'm
watching for signs of an early resumption of the up trend (as early
as today or tomorrow), although I am hoping for more downside for
better prices.
if you guys listen to my letter last night (it was longer than
my normal intra week letters because I went slow and explained in
detail), but basically my comments echo Steve's, at best I think we
are due for a week or so of chop - it's a time to be picky with
trades, especially with the market, unless you see a decent stock
setup taking good volume - or do
otherwise the bounce in the morning stopped the the primary
pivot which Steve noted and is just meandering around in here
lrhoades - I would expect the charts to reflect that ahead of
time. The market has a way of sniffing things out...but it's always
wise to keep an open mind (adjust) and put on appropriate hedges if
long.
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The SPX failed to take
The SPX would need to get back above (and hold ...
Posted by steve on 4th of Dec 2012 at 11:23 am
The SPX failed to take back the cited levels (see sticky post above) and has now pulled back to new intraday lows. Very choppy action wtih the 9/20 day EMA's just below and then 1400.
Looking at the bigger picture, still watching to see if the SPX can carve out a higher low (right shoulder) in the coming days. Monthly payroll reported on Friday.
One thing I'm looking at:
Posted by frtaylor on 4th of Dec 2012 at 01:37 pm
One thing I'm looking at: we have a confluence of three supports right here at 1405-04:
THose talking heads are on Drugs
Posted by zach06 on 4th of Dec 2012 at 08:42 pm
18 MORE TRADING DAYS.... 143 HANDLE MOVE = 7.94 HANDLES PER DAY... NO DOWN DAYS... LIKE I SAID GOOD DRUGS THOSE TALKING HEADS ARE ON.
In any case, if there is a big move up it will happen on 12/12/2012
because 12/12/2012 is an "ELEVEN" number.
"Eleven" days are famous for somthing good or bad happening in history.
Yeah, that's the "squishy" that
Posted by frtaylor on 5th of Dec 2012 at 08:49 am
Yeah, that's the "squishy" that I referred to. And yet the futures are up right now. I closed 1/2 my SPY short yesterday.
if you guys listen to
Posted by matt on 4th of Dec 2012 at 11:42 am
if you guys listen to my letter last night (it was longer than my normal intra week letters because I went slow and explained in detail), but basically my comments echo Steve's, at best I think we are due for a week or so of chop - it's a time to be picky with trades, especially with the market, unless you see a decent stock setup taking good volume - or do
otherwise the bounce in the morning stopped the the primary pivot which Steve noted and is just meandering around in here
What if talks fail on
Posted by lrhoades on 4th of Dec 2012 at 11:44 am
What if talks fail on the "cliff" and we go into next year? Does that trump the charts you think?
lrhoades - I would expect
Posted by steve on 4th of Dec 2012 at 11:46 am
lrhoades - I would expect the charts to reflect that ahead of time. The market has a way of sniffing things out...but it's always wise to keep an open mind (adjust) and put on appropriate hedges if long.