A navigation system for trading the S&P500 index
Heading into the Friday close we are holding above the 1965 Buy Signal level.
My only reservations are the proximity of the 55 ema at 1973 and possible 70 day high coming in about now which could see a pullback early next week.
No CommentsNice recovery from 1926 and maybe a turning point.
Plenty of buyers down there today, but need to see follow through tomorrow.
No CommentsElevator down.
Reminders for future reference:
– use Vol. Oscillator low to determine peaks when there is a discrepancy between oscillator and price lows.
– when you have an oscillator sell signal in play, and then a token new high, look for a kiss goodbye of the rising trendline that it broke
And so where do we bounce?
Maybe here
But ideally a bit lower – 1930 or 1908
Watch for stabilisation just below or near to the grey lower boundary of the channel
No CommentsWeakness again and at the 55 ema which is a bad sign.
Failed to recover S2 support line
Maybe today's morning strength was the end of month rally.
Elevator down?
No CommentsHolding onto the S2 support.
Looks like we could get a couple days of strength into resistance and to finish off this blue T structure.
And then I would expect a quick flush out to the 1930's, perhaps 1910's for an October Low and Buying opportunity into the Winter.
No CommentsNice rally on Friday but the short signal remains in play until we close back above1989 at least.
Not likely today due to very negative futures. But can we hold at 1955-60 ?
Possible next level of support at 1935 and then 1908 ish.
No CommentsAs suspected yesterday's rally was a fake out.
Failure at the mid-point and penetration through the 55 ema and gann support line S2 add to the ugliness.
Of course we are now due a dead cat bounce and a rally back up to the 21 ema (1991) would provide excellent short entry.
No CommentsA nice relief rally off 1978, but not quite a Buy signal.
It does look like a replay of the previous bounce may occur – need to see follow through with conviction.
Note: similarity with March 27 low.
Dangerous markets ahead.
No CommentsBack at the lower bollingers and looking for a support… maybe.
Still expecting a bounce in the 1970 area to complete this manouver.
Potentially ugly megaphone pattern emerging.
Sell Short Signal imminent but wait for confirmation from the 8 /21 trigger and/or end of the current T structures.
No CommentsStopped out on S/T at 1997 and L/T at 1993 for small net loss of -3 points
The Blue T structure certainly does seem to be working out, in which case expect to see a few days of weakness, perhaps a test of the 55 at about 1975 and S2 in the low 1970s.
And then an attempt at a rally into October 1/2
Market starting to look a bit weaker now, but this ol lady aint done just yet
(maybe soon though)
No Comments