The confirmation on the cash SPX is any trade above 1063.60. Neither confirmation has been received yet, although I expect this to occur tonight and tomorrow. If it is desired to enter a position prior to confirmation then SSO 34.11 is support.
I was originally not expecting to trade on the long side but the conditions lined up fairly well and the I1 will advance by over 1.5, although not to a buy signal level.
Steve,
ReplyDeleteI began scaling out of my short positions Friday, reduced to under 10% Monday and closed this afternoon. Late afternoon I picked up some SSO even before I read your post. I am looking for a dollar move down over the next few days which should fire up the stocks.
Charles
The dollar is over-extended within a bull market. I really did not know until the re-test that I was going to grab a piece of SSO.
ReplyDeleteSteve,
ReplyDeleteBased upon the technicals and your wave count, what would be the upside target for this wave?
Cheers,
Charles
ps my targets would be 10036, 10304, 10467
I'll take a stab in the 10:00 post.
ReplyDelete