Last week and this week we are pinched between the 40 and 55ema on the weekly spx....even daily closes above or below will be a clue....Note the 55ema comes right on the top of channel that has been reclaimed as support.
If we start getting the 40wema as support...bullish.....55ema and top of channel as resistance...bearish. ..in between is scalping chop.
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=4&mn=0&dy=0&i=p97179082638&a=82806185&r=9888.png
Another little diddy
Started by
eminimee
, Aug 21 2007 06:25 AM
1 reply to this topic
#1
eminimee
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- TT Member
- 14,307 posts
I don't care who's fur is flying...
Posted 21 August 2007 - 06:25 AM
#2
uncleharley
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- Traders-Talk User
- 648 posts
Member
Posted 21 August 2007 - 06:45 AM
Last week and this week we are pinched between the 40 and 55ema on the weekly spx....even daily closes above or below will be a clue....Note the 55ema comes right on the top of channel that has been reclaimed as support.
If we start getting the 40wema as support...bullish.....55ema and top of channel as resistance...bearish. ..in between is scalping chop.
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=4&mn=0&dy=0&i=p97179082638&a=82806185&r=9888.png
Another alternative is that we go sideways and create the right shoulder to that H&S pattern, then drop like a stone for 10% or so.
