SPX Opened Above Broken Trendline Watch Out

Home / Leveraged ETFs / SPX Opened Above Broken Trendline Watch Out
May 18, 2009

Even though several indicators point to a correction, the price action just got more bullish with the SPX opening above the pink line I mentioned on Friday’s post (see chart). This may be a fake out and I see now the market is selling off the highs. Watch the SPX today. Below that pink line, you can safely short, above it causes problems.

Now that I think about it market may be running stops, either way price rules, thinking doesn’t.


Tags list


Related Posts

We Got Continuation On the Short Side
Technical Analysis, Trades
What I talked about yesterday was that continuation pattern. I cashed out of my index fund shorts as well as my TZA today. I was also long some LAMR...
Market Still In WTF Period
Technical Analysis, Trades
And that WTF period is looking more bullish than bearish. You just have to have the fortitude to sit regardless of anything else. I can’t...
I Didn’t Like The Trading Action Today
Leveraged Funds, Technical Analysis, Trades
Currently or as of Friday, and it was mentioned over the weekend, that I have some overbought signals that are keeping me from being long the...
Never Short A Dull Market
Financials, Leveraged Funds, Options, Trades
That is what I think of at this point in the uptrend. Last week was dull, but it moved higher ultimately. My overbought indicators are all on for...