It's that pesky SPX 1131 again. If we break SPX 1131, that will break the uptrend. It would still not be a swing sell signal. It would only mean that it's more than 8 hours of excitement.
But i doubt that 1131 will be taken out in this round. We should be finishing the wave 4 here, with a wave 5 to 1165 pending. Good luck !
SPX
Started by
NAV
, Jan 20 2010 10:15 AM
4 replies to this topic
#2
CHAx
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Posted 20 January 2010 - 10:26 AM
NAV,
Take a look at /DX. The action over yesterday and this morning does not look corrective. Commodity stocks have topped, and the only things holding this thing up are the banks.
#3
NAV
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Posted 20 January 2010 - 11:09 AM
SPX 1131 key pivot taken out. It's a close your longs signal. Now we need a 1-2 day bottoming process before the market can recover. Lower levels between SPX 1115-1120 should be probed now. I will post the next buy signal (or the sell as the case maybe) when it occurs.
#4
hpm123
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Posted 20 January 2010 - 11:25 AM
thanks Nav - internals not looking too good so far as well - Nearly 5-to-1 on the negative. I've got an unvisited poc on the es at the 1118 area and will be watching......
#5
cycletimer
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Posted 20 January 2010 - 11:34 AM
thanks Nav - internals not looking too good so far as well - Nearly 5-to-1 on the negative. I've got an unvisited poc on the es at the 1118 area and will be watching......
FLAT.....at SPXU 34.46 ...... will wait for a bounce (hopefully back to 1150-1165???) to establish some "core" positions in 2x inverse ETF's like MZZ, DDM, and QID. ... for now, have to allow three trades to settle in my IRA (3-day rule, yes MM, I go "all in!").
