Last week on Thursday the market was down strongly and folks were getting bearish, however as you may recall I posted two S&P 500 charts, which showed how important the 1540 support area was for the S&P. Since that time the S&P 500 has rebounded 38 points off that level! Therefore I hope some of you bears covered your shorts there and took profits because at the very least you can now start to scale back into your shorts at a much higher levels, 38 SPX points is tough to shit through! This is why I pointed out that 1540 support area last Thursday.
The first chart shows the P&F chart which I showed on Thursday, clearly that 1540 was big support, now however keep an eye on the 1580 area. The second chart shows a daily candlestick chart, could today's move still be part of a RS to form a H&S pattern? Perhaps, however as of yet we have yet to see any reversals, but you could look to scale into some lower risk shorts (38 points higher up here) with a tight stop, or you can wait for a reversal trigger, your choice, however shorting up here is MUCH more objective than last week's oversold condition.
Otherwise we'll see what the market does here, it could also form a triangle and attempt to form one more high to trick both the 'bulls' and the 'bears' who are not expecting that, or form a flat, or top out in here in the upper 1570's, again let's see how it plays out
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Tuesday, April 23, 2013
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