Tuesday, July 27, 2010

Time for pullback?

Here is 30minutes SPY chart, it has provided good entry points (long and short ) since June 18th top. UP  Wave looks incomplete, but if it terminates – here and now is a time based on down wave that started on June18th with w1 low July 1st (Special K. did her best to bring that possibility to our stubborn attention). Looking at RSI – it hanging onto 60 level unable to move higher – not bullish in my books.


Next up is an hourly chart – we spent entire day consolidating, but unable to move above TD Risk Level.  We did talk about 112 level as a first possible turn point – it might just be it for now.


Daily is close to TDST around 113, retraced 50% of down move from June top, that ongoing sell setup does not look too strong – are we going to see 950+sh area on this leg down?  If I only knew…


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