Arun...as I stated yesterday the SPX was in a downtrend. If you
want to be technical the correct pattern was a bear flag
(continuation pattern) shown below. The HS (reversal pattern)
played out earlier. Kudos on the trade as that's what's most
important.
Unless the SPX can recapture (decisively) its 100 day EMA, I
would look for more downside probing in the coming days. The 1973
pivot would be an initial target area if the lower trendline on
daily chart (1972-1988) is broken.
Looking at the US instigated 'War in Europe' from outside the
mainstream media propaganda, NATO is losing big, and Germany is
siding with Russia and China to preserve its economy while the US
economy will implode...
Junkie..I find it's best to remain in the trend until evidence
changes on the time frame you're trading. For now the SPX has
trendline, then 1973 and 1956 pivots below which related to some
prior symmetry moves down. A break of this area opens the door to
something more substantial. Lastly, it's fine to prune some
profits along the way in accordance with your objectives.
The bulls hope would be that a triangle is nearing completion
(again must see a strong reversal as stated above).
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SPX 15
Posted by steve on 29th of Jan 2015 at 07:52 am
$SPX - Chart Link
Arun...as I stated yesterday the SPX was in a downtrend. If you want to be technical the correct pattern was a bear flag (continuation pattern) shown below. The HS (reversal pattern) played out earlier. Kudos on the trade as that's what's most important.
Unless the SPX can recapture
Posted by steve on 29th of Jan 2015 at 07:57 am
Unless the SPX can recapture (decisively) its 100 day EMA, I would look for more downside probing in the coming days. The 1973 pivot would be an initial target area if the lower trendline on daily chart (1972-1988) is broken.
US stocks could move higher shorter term, but are then vulnerable...
Posted by saturn6 on 29th of Jan 2015 at 08:21 am
...especially compared against other markets
Looking at the US instigated 'War in Europe' from outside the mainstream media propaganda, NATO is losing big, and Germany is siding with Russia and China to preserve its economy while the US economy will implode...
Jim Willie explains it very well here
How much downside are you
Posted by junkie on 29th of Jan 2015 at 08:09 am
How much downside are you referring to: 30 points or 300 points?
Junkie..I find it's best to
Posted by steve on 29th of Jan 2015 at 08:16 am
Junkie..I find it's best to remain in the trend until evidence changes on the time frame you're trading. For now the SPX has trendline, then 1973 and 1956 pivots below which related to some prior symmetry moves down. A break of this area opens the door to something more substantial. Lastly, it's fine to prune some profits along the way in accordance with your objectives.
The bulls hope would be that a triangle is nearing completion (again must see a strong reversal as stated above).