I took profits on the NQ because the SP futures 30-minute, 90-unit M/A is high up in the pantheon of M/A gods. Currently we are beneath my two most favorite, this one and the DJI critical M/A, the 5-minute, 370-unit. The SP futures will flash a buy on a 30-minute close .5% above the M/A. Currently at 1301.07 I'll look to add SSO if the 12:30 close occurs at 1307.75 or higher. If we are in a bear market the 30-minute M/A will turn the trend lower before it reaches 1307.50. Next resistance is at 12,100 the DJI critical M/A.
Still holding 4% SSO and 2% TLT.
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Steve
ReplyDeleteThat last move up should have finished a 4th wave up so I’m looking for the market to sell off into the close to complete a 5th wave down.
Jack C
Steve
ReplyDeleteJust got stopped out of my short trade. O well, looks like i'm going into the weekend all cash.
Jack C