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Monday, August 23, 2010

Monday updates after OPEX

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7:20, The SPX is playing tag with the bearish Fib fan this morning for control, a solid break above would be great for bulls, but if the line holds, it will become stronger resistance and benefit the bears
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7:06, No major fireworks yet, Monday's after OPEX can normally have some large moves as traders are repositioning themselves for a new month of Option trading. The SPX opened with a small gap up and is most likely working on a 2nd wave up which has already retraced 50%, there is an open gap up at 1086 that would loved to be filled which the SPX could do with-out breaking above the trendline off of the two previous highs. The SPX did make a minor higher high this morning moving the short-term trend to neutral, and the Trend Finder has been on the verge of showing some bullish signs this morning, enough that a little more up-side could turn it to neutral also. Stock charts data feeds this morning have been weird and are giving goofy signals on the indicators, hope this clears up soon. The bears need a break below 1063.91 to keep the longer term trend heading down, and the bulls need a break above the trendline followed by a higher high at 1100.14.

3 comments:

  1. Hey Michael! Thanks for your efforts. I enjoy seeing your use of fans, channels and breadth since they are not part of my System and EW rules and I like to get different perspectives. Good luck.

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  2. your blue 4 maybe at green ii and now we are in 5

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