To get downside movement the bears need to break below
yesterday's low 1496/97 AND take out the support around 1490/94.
This would imply that the HS top is playing out with a
measured move down to around 1483. The alternative I have posted is
that support remains in place allowing for one more extension (to
test the 1516-30 pivot range) out of a larger contracting triangle
(see black lines on SPX 15 minute chart). The first thing to
watch above are the recent highs for initial resistance prior to
the next pivot range.
SPX Intraday Views
Posted by steve on 1st of Feb 2013 at 07:58 am
$SPX - Chart Link
$SPX - Chart Link
$SPX - Chart Link
To get downside movement the bears need to break below yesterday's low 1496/97 AND take out the support around 1490/94. This would imply that the HS top is playing out with a measured move down to around 1483. The alternative I have posted is that support remains in place allowing for one more extension (to test the 1516-30 pivot range) out of a larger contracting triangle (see black lines on SPX 15 minute chart). The first thing to watch above are the recent highs for initial resistance prior to the next pivot range.
Thanks, Steve. Looks like it's
Posted by frtaylor on 1st of Feb 2013 at 08:58 am
Thanks, Steve. Looks like it's going to be door number 3.