Tuesday, August 31, 2010

8/31 11:40

A thrust to complete a 3rd wave up is in the cards.  SP futures 30-minute M/A envelope is 1060.25.  So any 30-minute close beyond 1060.50 (cash SPX 1061.75) tells me the rally is impulsive.  It has to be a 30-minute close to count.
DJI 5-minute, 380-unit M/A is 10,083.  I would like to go short again at that point.
DJ futures chart posted earlier today showed it's M/A at 10,042 with an envelope of 80 points, so 10,122 will confirm the SP 30-minute M/A envelope.  The cash DJI equivalent is 10,134.

No comments:

Post a Comment