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- 14 December 2010
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Would love to get the thoughts of experienced traders i.e. Michael, Canoz (not here
My thoughts on the S&P 500
Not definitive but this is what I'm thinking. The reaction of price around here and the highs is crucial. Leaning towards a rejection of the high and turn down from there, but will monitor it bar by bar.
This is my email to kid_hustler
Taking a look at the S&P 500 chart. It doesn't look particularly bullish to me in terms of the months ahead.
Yesterday's strength will ensure that price is pushed up a little longer and doesn't come off yet.
21st March was a standout volume day which pushed to new highs and then reversed down. Very bearish imo. It then pushes up in unconvincing fashion and the ultra wide down days on 4th April and 10th April paint a bearish picture. As expected after such a bearish sell-off price has another push up. A few bearish days as the push up comes to a halt. Then yesterday's reversal bar which may see a little push up again. Not to the absolute highs I don't think.
Watching to see this next little push up and how strong or weak it looks.
IF it fails to reach the highs and a couple of strong bearish days appear, that is when I'll start looking for a longer term position move on the FTSE. I'll be monitoring the S&P closely from here because I reckon we at a critical time in the next 1-2 months.
My thoughts on the S&P 500
Not definitive but this is what I'm thinking. The reaction of price around here and the highs is crucial. Leaning towards a rejection of the high and turn down from there, but will monitor it bar by bar.
This is my email to kid_hustler
Taking a look at the S&P 500 chart. It doesn't look particularly bullish to me in terms of the months ahead.
Yesterday's strength will ensure that price is pushed up a little longer and doesn't come off yet.
21st March was a standout volume day which pushed to new highs and then reversed down. Very bearish imo. It then pushes up in unconvincing fashion and the ultra wide down days on 4th April and 10th April paint a bearish picture. As expected after such a bearish sell-off price has another push up. A few bearish days as the push up comes to a halt. Then yesterday's reversal bar which may see a little push up again. Not to the absolute highs I don't think.
Watching to see this next little push up and how strong or weak it looks.
IF it fails to reach the highs and a couple of strong bearish days appear, that is when I'll start looking for a longer term position move on the FTSE. I'll be monitoring the S&P closely from here because I reckon we at a critical time in the next 1-2 months.