Wednesday, May 20, 2009 8:14:50 PM
ST Market Call: Bullish with caution (see charts). Price closed above or on the 10-day ma and above an up-sloping 20-day ma. Ignore the future--eyes firmly on the rising floor. Could price break lower--yes, it always could, but it simply pays to own the structure as long as it is still there.
Will also look to make VST long trades in the AM if the economic data doesn't cause a market dump. See a strong possibility of SPX 940ish soon and then even 960ish over the next few weeks.
The first chart of the $NYMO shows the indicator breaking above 0, today gently back-testing 0. The current configuration with an up-sloping stochastic is often a setup for another launch.
The 60-min. SPX chart shows 940 now in the scope. The game since March 10 has been Tease the Bears. Today's action was to perfection for that game. My rule? Stay with the game being played until you have proof the game has changed.
The last chart shows the structure I want to own with SPX 940 straight ahead. Could this chart break down? Any chart could--always. I'm owning the long structure. This looks good--until it doesn't of course.
Good luck!
Ted
(charts courtesy of stockcharts.com)
Will also look to make VST long trades in the AM if the economic data doesn't cause a market dump. See a strong possibility of SPX 940ish soon and then even 960ish over the next few weeks.
The first chart of the $NYMO shows the indicator breaking above 0, today gently back-testing 0. The current configuration with an up-sloping stochastic is often a setup for another launch.
The 60-min. SPX chart shows 940 now in the scope. The game since March 10 has been Tease the Bears. Today's action was to perfection for that game. My rule? Stay with the game being played until you have proof the game has changed.
The last chart shows the structure I want to own with SPX 940 straight ahead. Could this chart break down? Any chart could--always. I'm owning the long structure. This looks good--until it doesn't of course.
Good luck!
Ted
(charts courtesy of stockcharts.com)
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