The logic is that there is further decline ahead due to the 5 down and that the decline will likely result in the 30-minute M/A being broken. I am shorting DJ futures 10,540 in anticipation of this decline.
Friday, September 17, 2010
9/17 1:00
We have a 5 down from the overnight high. A triangle is forming. SP futures break 30-minute M/A at 1115.75 on a 30-minute close. Low so far was 1117. The market has refused to break 30-minute M/A during the entire congestion phase. This is close to the current market and will tell me that trend has changed.
The logic is that there is further decline ahead due to the 5 down and that the decline will likely result in the 30-minute M/A being broken. I am shorting DJ futures 10,540 in anticipation of this decline.
The logic is that there is further decline ahead due to the 5 down and that the decline will likely result in the 30-minute M/A being broken. I am shorting DJ futures 10,540 in anticipation of this decline.
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Steve, we're now trapped under that trendline we noted, and just above the 50% Fib level of the 2007/09 crash.
ReplyDeleteOdd how these things all gel together.
I hope we break below the 2nd support (the Fib) today, for a less worrisome weekend!
Best wishes.
I have a bad feeling the 2pm ramp job is going to hit again today. It's 1:58 and futures are looking perky.
ReplyDeleteWish I knew who/what it was.
ReplyDelete