Thursday, July 18, 2013

SPX 10-Minute Chart Bull Flag Gap Descending Triangle

The red descending triangle can be watched for tomorrow. Bulls need to hold 1688 or 1683 is likely.  The green lines show the bull flag off the 1272 bottom. First leg to 1685, 13 points higher, then the second leg begins at 1678 so the target is 1691, achieved. Note the juicy gap left behind by the blue circle.  The blue lines show the ascending triangle pattern highlighted this morning where the break out from 1683 occurred today. GOOG and MSFT earnings lay an egg so that may set a negative tone for trading tomorrow. For the red descending triangle, it may stretch out as the thin red line along the tops show and play around for much of tomorrow before deciding to bounce or die from 1688. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.
Posted by at

7 comments:

  1. AnonymousJuly 19, 2013 at 5:43 AM

    Don't sell yourself to the bear position due to yesterday Nasdaq action (determined by google and microsoft's results)!
    The leaders - Russell 2000, Dow Transportation Average, Dow Industrial Average - are all pumping higher.

    Don't let yourself tricked in front of OPEX! (one more time!).

    Martin Luther King

    ReplyDelete
    Replies
    1. AnonymousJuly 19, 2013 at 5:56 AM

      I've checked some indicators and this guy might just be right.
      KS, I've checked $cpc (for cash market) and $cpce (for options market) and the results are outstanding:
      $ cpc = 0.74 !!!!!!!!!
      $cpce = 0.50 !!!!!!!!!

      The retailers have jumped through the window at yesterday market's close :))))) LOL! All in shorts! In front of OPEX! Oh My Lordy Lord! :)))))))))))))))))))))))))))))))))

      V.

      Delete
    2. Keystone SpeculatorJuly 19, 2013 at 6:56 AM

      Boy, that is something V. Put/calls are worthy of a posting. Complete complacency and no fear whatsoever. The CPCE and CPC shows that during the upside euphoria yesterday and new all-time highs, traders tripped over each other to buy on the long side fully convinced that markets will go up forever. Interesting timing with GOOG and MSFT then laying an egg. It is prudent to have protection for the downside, either puts, or inverse ETF's, especially to guard against overnight events, Google and Mr. Softy a case in point.

      Delete
    3. AnonymousJuly 19, 2013 at 7:00 AM

      Do you know how to convince those guys with funny names that are spamming here not to post their adv's?

      V.

      Delete
    4. AnonymousJuly 19, 2013 at 9:03 AM

      Erm.. so whose posting of put/calls ratio is correct. I see ks chart showing different from v post...

      Delete
    5. AnonymousJuly 19, 2013 at 9:28 AM

      KS is right.
      My way of expressing the fact was doubtfull. Trying to be ironic and resulted something else...Sorry.

      V.

      Delete
  2. AnonymousJuly 19, 2013 at 8:04 AM

    there are signs for a strong start - jumpy and higher check wti oil ,jumpy and higher cooper, eur/usd (technical target - 1.327) usd/jpy also preparing a rally.

    today the start will be interesting.
    if short, watch out your wallet!

    GS guy

    ReplyDelete

Note: Only a member of this blog may post a comment.

Subscribe to: Post Comments (Atom)