Short term, confluence of resistance was weakened at 1428.25, and that was marginally taken out already by a little more than a point, which is bullish as described in the previous post, even if the high of the day (for today) is already in. The 1431 to 1432 target from last week broke down when the VST low used to calculate that target was taken out. Now looking at 1434.58 (spx) and will probe short ES @ 1444.75 (i.e., order placed here for today). Tight stop at 1448 with this top-picking strategy (noting that it's dangerous to short a breakout).
I took a look longer range for which the calculator shows an expanded upside target at 1475.74. Noticed that DaChief already has posted a 1472 target which is similar, supporting some confluence there (different methods, similar results = confluence).
New VST upside SPX target
Started by
Net
, Jan 03 2007 11:35 AM
1 reply to this topic
#2
kc135a
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- Traders-Talk User
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Posted 03 January 2007 - 01:14 PM
Short term, confluence of resistance was weakened at 1428.25, and that was marginally taken out already by a little more than a point, which is bullish as described in the previous post, even if the high of the day (for today) is already in. The 1431 to 1432 target from last week broke down when the VST low used to calculate that target was taken out. Now looking at 1434.58 (spx) and will probe short ES @ 1444.75 (i.e., order placed here for today). Tight stop at 1448 with this top-picking strategy (noting that it's dangerous to short a breakout).
I took a look longer range for which the calculator shows an expanded upside target at 1475.74. Noticed that DaChief already has posted a 1472 target which is similar, supporting some confluence there (different methods, similar results = confluence).
I'll chime in with a third method. 1455-1487 for an average of 1471 by 2/05 +- 4 days. However, the target does not preclude a pull back to about the 1410 area before the top is made. Pretty well supports the trading short you are and me are looking for.
KC
