First the SPX cash 15-minute 54-unit M/A and price has been converging tighter and tighter, first to it, then around it. The flash point is .56% below its value at any time and has not been hit yet.
The second is the SPX cash 15-minute 100-unit M/A and it has caught the lows thus far:
Volume has been tailing off the past 2 days. The conclusion I take from these is that the next stab at the support in SPX 1136.70, XMI < 1161, and DJI < 10,500 had better break soon or else the compression around the first chart's M/A will be bullish instead of bearish. I will keep the stop-loss at XMI > 1172. I still expect a resolution to the downside but I am surprised by 4 days of topping activity.
Back to the drawing board!!!
ReplyDeleteFrustrating day. XMI high and close was 1172.50. I stayed in because DJI did not exceed yesterday. If DJ March futures exceeds 10626 overnight then I will pull the trigger. Been pushed to the limit of trading ranges in the past and frequently they force out positions prior to reversal.
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