mpulley

Wait for the market direction

SPCFD:SPX   S&P 500 Index
Well look at that, SPX finished right at my resistance level . I have conflicting signals right now, so I'm going to wait and see before trading tomorrow. SPXU re-entered an old downward channel and SPX RSI (15 min) is oversold. Two really bullish days is a good signal from the bulls. However, there is a ton of bad news out there.

If it is bullish in the next couple of days, I see it heading back to 2575 where it hits some resistance.
If it is bearish , I'm looking for around 2250ish for resistance.


Comment: Bulls and bears sluggin' it out. I think this favors the bears atm.
Comment: Bulls need a higher high otherwise bears are going to take over.
Comment: Wow, another late day rally. Bulls looking like they found their wings... still holding for further confirmation.
Comment: That's why you wait... completely fell apart for the bulls. Looking for sell off at the end now.
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