Trading the SPX

[roguetrader]

Yesterdays low should hold as support here 1235.8

Then again maybe not.

 

[roguetrader]

Quick, quick...sign here, here and here...

Yes as General Custer would say "What Indians?"

 

[roguetrader]

That's gonna leave ugly candles.

 

[roguetrader]

I think we can still count this action as corrective until the lower 1228/1220 numbers are past and tested.

Yup, I'd be looking for a break of 1221 and even then still have the JUne swing high for support

 

[roguetrader]

Have a good weekend.

Treat your family well.

You too Joules, L8r

 

[Racer]

Have a good weekend everyone.

BTW strange how futures just jumped about 30 points after hours, someone fiddling the books again?

 

[Racer]

Oh something for the weekend..

have a look at the peaks on RIO compared to S&P for the last 4 years.

RIO is now at all time high.

 

[hornblower]

Hi Joules
good post well thought out
I would have given you a new star, but your full up, so you just have to do with a well done !!
looking forward to Monday
H

 

[frugi]

A few more examples of bad breadth, Fib projections etc ...

Incidentally if your browser tries to display the whole lot in one window you need to switch off "Automatic image resizing" so u can scroll round.

 

[Racer]

A very hot market that eh Joules

 

[Racer]

Now why is CAT still up?

 

[frugi]

Thanks Joules. Sorry you lost that post earlier (PM). I'm afraid you have to post your reply before rating the thread; sorry this isn't clear in the message window.

CAT ... nearing a top?

 

[frugi]

Oil - if this H&S fails it's going up...

 

[Racer]

CAT ... nearing a top?

Well it if isn't after those figures earlier, then I dunno...................

 

[frugi]

5 wave correction on Dow ...

 

[User]

and it stops at 76.4% (10615 odd), moves higher/to flat for today and Tuesday (with possible touches near 10700) and then we start the selling on Wednesday taking us to Friday which should have the majors closing lower then the previous week.....

It could be a major sell-off. That all depends of course.....its always hard to predict the magnitude.....10570-50 and its all over for good......

Thats what my analysis is suggesting anyway......

One more point to make......

Many say we are in a bull market. Technically we are still in an uptrend......

Fine........Some say uptrend some say downtrend some say range......I say the end is near.....

In 1999-2000 we were in an uptrend......Yes

We hit new highs......

But range movement was stating something.....the end of the bull market......tired was the trend......

Similar action although now we have a tighter range.........From 2004 till now......

I just think the burst to the downside will be bigger and one which could send us below Oct 02 lows...

Maybe not this year though!

Anyway back to today......

Good Luck

 

[User]

Intraday double bottom on Dow Jones 15min chart......

Lets see if it supports the market to move higher from here.....

Or do we snap and head lower........

 

[Racer]

They are trying very hard to push it up on the book , some big buy orders several points away... hmm, funny how they don't actually get closer than that?

 

[Racer]

Bounce or break, 1235 tick on the S&P they have been trying to keep that line verrrrry straight for the last 15 days

 

[Racer]

I have got a lot of old batteries here... will that help?