Wednesday, June 17, 2009

Where we are and where we are going

Yesterday’s price range worked admirably ( I wrote: “Tomorrow I would expect SPX to drop to 903 area and then bounce to at least 912..and we’ll take it from there…” )..

Looking at 30 minutes S&P500 Index (SPX) we shall note that W4 down of major UP touched on intraday basis 76.4% projection and bounced right off that level. Accordingly, I expect tomorrow morning that level to be tested again and W5 up will start tomorrow/Friday.  Will new highs be set?  Possibly, most likely 965-980, but not necessary – my time horizon for majority of the trades I do is from few hours to few days, unless I expect fundamental price direction shift (and not “drifting” which we’ll most likely be witnessing for a while)


 ^SP500  6_17_2009 (30 Min)