Tuesday, September 7, 2010

9/7 9:45

We got the last uptick to complete abc from the Friday 8/27 low.  I shorted 1% SP futures at 1102.75 on the new high above Friday's 1102.75, as stated my intentions in Weekly.
Stocks need to break their 1st level of support, the 30-minute M/A -.33% to initially confirm the top.  This is a 30-minute close SP futures below 1095.75.  Meanwhile, stop is SP futures 1104.50.
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2 comments:

  1. AnonymousSeptember 7, 2010 at 8:31 AM

    Steve:

    Are you still looking for I1 to peak on or around the 10th. Do you think it may occur a little earlier as I1 was early on the dip.

    Mark S

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  2. Steve KotelesSeptember 7, 2010 at 9:16 AM

    Mark
    I'll be more heavily short starting at the close of the 10th. I1 was 1 day early on the latest bottom. The I1 upmove since then occurs at relatively low levels so I am shorting early because the I1 rules allow long-term shorts when I1 peaks below 3.25.

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