My chart readings are based on previous events. Take a look at the RSI, in particular my level set to 19 and change. Previous times where this level was reached, the market changed direction soon after.
Also, take a look at McClellan Oscillator. Compare Oct 09, 2008 and today, they are very close in value. The 9th was a Thursday. The 10th, Friday, saw more...
I've been sitting on my hands waiting for a definite sell sign. I've been a firm believer that this rising wedge (blue lines) will materialize. I think we're about to see the selling begin. Support lines are being tested and looking at the volume, you'll see it's starting to move upward.
For the bulls, this could bounce on Monday. We're on the support line. ...
I'm currently holding puts on the market. If the market breaks above 2630, then I'll going to sell half of my puts. Then wait for the selling to occur and then start shorting.
We remain in the rising wedge, so bears still have a play. This Bull market has been persistent.
Back from a mini vacation, so I haven't been analyzing. Definitely a rising wedge. Could see it complete here in a few days. I have started to collect shorts on SPX. You can see the supports below (black, red, and orange). So I plan on selling the shorts at the supports.
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...
Never bought my longs. I was looking for more movement downward before buying. Maybe a three pump up then the selling will start? Once the third pump is complete or if prices fall below the support, I'll start buying.
I'm showing several indicators that the market is very oversold. I'm looking for some more downside before buying in. Maybe it will come later today or tomorrow.
Could this go lower? Yes, it could but I do think the bears are going to run out of steam here. This will give the bulls a chance to rally before the bears return and takeover again.
Bounced off the resistance level and now has the bulls running. Resistance level 2618ish where I think the bulls will be tested. Let's see what happens.
I really need to change brokers... Merrill Lynch won't let me trade because I just sold my puts. I was going to buy SPXL at 37. :'(