Monday, August 2, 2010
Subtle Weakness
Usually when you have a market gapping up big and maintaining strength for the 1st half of the day, the 2nd half of the day continues the rally but today we basically flatlined after the European close. That is a very subtle sign of weakness. I believe 1128-1130 will cap any rally from here and will be a good spot to attempt a counter trend short with a time target of Thursday morning.
Subscribe to:
Post Comments (Atom)
Posts
1 comment:
If you look at the SPX daily, you'll see we are forming an ascending wedge. We hit the top resistance trend line and withdrew. It would've been too much if we busted that upper trend line in one day.
Post a Comment