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Monday, June 28, 2010
$SPX down channel for Monday, 6/28/2010...
After a volatile session, the $SPX managed to hit the top of its channel and then it backed off. The $RUT actually exceeded it's channel slightly, then it also backed off. Tomorrow will be an important test of the channels and everything else...
Started Monday open and expecting to reset index short position as high as 1087ish. A little after 11:30 became convinced that expectation was a tad unrealistic and entered short at 1081.5-1082.0.
Had been watching AZO as a potential short thinking it might have an exaggerated move should a strong market sell off soon ensue. Smart money beat me to it, no shares available to short through my broker.
Given the premarket, and reviewing your charts, it appears to me a move into the high 900's on SPX with a possible pause in the 1000-1020 area is imminent. Should there be no pause at 1000-1020, and perhaps one in the 970-980 area, the low 900's look likely before any meaningful bounce can happen. Plus, it sure looks like this is going to happen QUICK.
The channel is fairly wide but the combined action of the two long term trendlines, first the magenta one, and then the orange one, that cross over the channel should stall and reverse the current channel somewhere after we hit around 970 or so, at a node value of about .670 which is about 7/19/10 give or take a couple of days..There will be pauses and burps along the way, some predictable and some not, but price should stay in its channel until those aforementioned trendlines are assaulted...
Regards, Mark L.
P.S. 970 is a nominal target, Fibonacci gives a target of around 951...
After a volatile session, the $SPX managed to hit the top of its channel and then it backed off. The $RUT actually exceeded it's channel slightly, then it also backed off. Tomorrow will be an important test of the channels and everything else...
4 comments:
Hi Mark,
http://2.bp.blogspot.com/_wmz32xeNKtU/TCI5VjAX-KI/AAAAAAAACVY/xIfcIVAIZrU/s1600/DJW+11+year+daily+chart+thru+part+of+6-23-2010.png
Basic & Simple, and hasn't triggered down since 2008... until now.
Cheers,
Hi Hopper,
I wasn't able to pick up the URL....go ahead and send it as an email...if it's interesting, I'll post it..
Regards,
Mark L.
hey Mark,
Started Monday open and expecting to reset index short position as high as 1087ish. A little after 11:30 became convinced that expectation was a tad unrealistic and entered short at 1081.5-1082.0.
Had been watching AZO as a potential short thinking it might have an exaggerated move should a strong market sell off soon ensue. Smart money beat me to it, no shares available to short through my broker.
Given the premarket, and reviewing your charts, it appears to me a move into the high 900's on SPX with a possible pause in the 1000-1020 area is imminent. Should there be no pause at 1000-1020, and perhaps one in the 970-980 area, the low 900's look likely before any meaningful bounce can happen. Plus, it sure looks like this is going to happen QUICK.
Am I looking at those charts correctly?
Regards,
Hi Anonymous,
The channel is fairly wide but the combined action of the two long term trendlines, first the magenta one, and then the orange one, that cross over the channel should stall and reverse the current channel somewhere after we hit around 970 or so, at a node value of about .670 which is about 7/19/10 give or take a couple of days..There will be pauses and burps along the way, some predictable and some not, but price should stay in its channel until those aforementioned trendlines are assaulted...
Regards,
Mark L.
P.S. 970 is a nominal target, Fibonacci gives a target of around 951...
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