Monday, January 04, 2016 4:24:29 PM
SPX Well, I had resistance at 2076 and support at 1993. Break the top at 2076 and I am all bullish. Break the support at 1993 and I am all bearish. So what does the market do? First it breaks 2076 and I have to pen up the bear for 2016. Then it drops and breaks 1993 and I have loose the bear and he rips the bulls head off.
The essence of a down trend is lower highs and lower lows. We clearly have lower highs. 2134, 2132, 2116, 2104, 2081 A lower low below 1867 will confirm the bear is loose by providing another lower low.
He may be coming for you yet. At inflection points when the market's count can go either way you must remain flexible. Of course if you are a perma and wrong you will be killed. When a bullish count and a bearish count will both work you just have to find the points that invalidate one or the other.
The essence of a down trend is lower highs and lower lows. We clearly have lower highs. 2134, 2132, 2116, 2104, 2081 A lower low below 1867 will confirm the bear is loose by providing another lower low.
He may be coming for you yet. At inflection points when the market's count can go either way you must remain flexible. Of course if you are a perma and wrong you will be killed. When a bullish count and a bearish count will both work you just have to find the points that invalidate one or the other.
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