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Tuesday, September 13, 2011 7:02:56 AM
Back to basics - SPX
We are on a hold short signal under 1188. Tradable long above 1170 SPX which is a huge resistance area and most would short at that area. Tradable longs in a bear market are very risky to hold overnight in a bear market. I am watching the markets for the end of quarter rampo in the last week of the month. If you notice the stochs on the chart below, we ended the day over bought and the RSI under .50 which is a pretty good set up for shorting a gap up... AH had that.
We are on a hold short signal under 1188. Tradable long above 1170 SPX which is a huge resistance area and most would short at that area. Tradable longs in a bear market are very risky to hold overnight in a bear market. I am watching the markets for the end of quarter rampo in the last week of the month. If you notice the stochs on the chart below, we ended the day over bought and the RSI under .50 which is a pretty good set up for shorting a gap up... AH had that.
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