Yesterday, I said that the move up from low of August 6 looked like a complete 5 set.
It seems like the future market is soft with S&P futures down 10+ points
As I have mentioned, the job report low of Friday is important in keeping the bullish count on track.
If violated in the cash market, I will have to consider other scenarios in a more serious manner.
It's a few posts that I have been complaining about bull weakness near June high. I have also been saying that I think bulls need a batch of fresh shorts to squeeze into rallies. Is the pre-market action a prelude to trapping and squeezing shorts? Who knows? That falls under nut-so-conspiracy category which may be fun to muse but un-tradable by me
Today, we have FED matinee, so who knows what sort of price gymnastics we will get
I sold a little into the top yesterday as I mentioned intraday, and have raised my top level to 1115 cash. After that 1100.
Put another way, I think OEW pivot 1107 is important and would like the b ulls to hold it.
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago