Apart from SPX weekly resistance posted earlier, SPX log scale trendline from the 2007 high snaps to today's high well:
The stock market late sell-off hit hourly support(blue) just underneath the 30-minute M/A(green) and rebounded past the close.
Got short DJ futures after 4:00 at 10,964, stop 10,986 on a head-and-shoulders that is still valid as long as price does not exceed the right shoulder (10,968). Volume on the right shoulder was very light, so it should be valid.
Until the SP futures 30-minute M/A is broken I am at the limit of my short ETF exposure and can only take on short futures with tight stops. SP 30-minute M/A would be broken now at 1154.
Crude is in decline with a current stop 82.85.
Euro did not take out the 138.60 low so I await this as early warning of asset contraction. Dollar index currently confirms at 78.05:
I'll be posting a silver study as a separate post tonight.
Go get 'em Steve.
ReplyDeleteI feel oddly calm this week. I finally feel they can push it no more. I see others pushing back. I have sympathy for you and your fellow Americans. I hope you all can get through this, and back on your feet soon. Someone has to keep the Chinese/Russians et al at bay.
Good luck.
Great trendline; simple. A guy and his ruler. Thanks.
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