SPDR S&P 500 (SPY)

[Footquarters]

Market Pulse- Friday



All indexes are on hold short signals BUT time...
We watched the over sold bounce and again shorted at the 1350 SPX, the 48.00 QQQQ and out of the trade on the Dow.
The markets are consolidating so that the moving averages on the min charts can catch up and the markets unwind their over sold conditions. Since we are consolidating we will not hold short positions over night. On the daily charts we have met our objectives at the 1330 SPX support area.

Conclusion:
Tomorrow, we will watch for a buy signal above the 1350 SPX, QQQQ 48.00 and Dow 12200. These will be tradable longs above these areas so to hold over night will be very risky at best. At the above levels we will again watch for short signals as they may again be the best areas to short depending on how over bought we are at those levels. Good Luck in the trade.







From Thursday:

Conclusion:

All indexes are still on hold short signals here.
We are hit our target on the SPX ABC down at 1339 and more so we closed all our shorts. All indexes are way over sold, so watch for a bounce with the MACD and Stochs located so over sold, we could have a strong bounce. It must get over SPX 1350, QQQQ 48.00 and Dow 12200 for us to consider this more than just a bounce. Watch for things to get over bought on the MACD and Stochs minutes charts, if this bounce is an all day affair, that will give you the next probable move indication. Not a good day just to jump in to any position. Wait for the market to come to you. We will also consider moving again short at the resistance. Good luck.








Foot in mouth Charts http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID456385