This is what I see
The last of the down gaps (blue) from August peak is now filled.
Market has gone a bit limp, but that may be just normal digestion after such a bigg leap. We'll see how it holds up into close.
RSI has made a freash peak on 60-min frame, but MACD is still diverging.
There seems to be some weakness on the 5-min chart as well.
If I were bearishly inclined, I might start entertain puts around 1090-1100. Puts can be part of a hedging strategy as well. So can be covered calls.
A move below 1110 may change the short term trend (not a guarantee, of course, just a potentiality)
I re-arranged my levels into 3 for now: 1110, 1100, 1085-1090.
Have a Nice Day!
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