ES Journal Archive (2009 - 2010)

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GS needs to give up support - forces that be are still trying to keep us at the bottom of the bigger wedge though we are ever closer to breaking it. Staying short here - may have to put up with a move towards 840 but I think short still they way to go. Looking at least for a visit to the 50 day ma on daily towards 790 on SPX cash. Note yesterday we have convergence of the 20 and 100 day moving average for first time since late June last year.
 
Quote from riskymove:

GS needs to give up support - forces that be are still trying to keep us at the bottom of the bigger wedge though we are ever closer to breaking it. Staying short here - may have to put up with a move towards 840 but I think short still they way to go. Looking at least for a visit to the 50 day ma on daily towards 790 on SPX cash. Note yesterday we have convergence of the 20 and 100 day moving average for first time since late June last year.
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not seeing this bigger wedge, got a chart?
 
But it would be self-defeating and silly to think we know more than the market. We just flow with it and use the stats to our advantage. The start is also the end, I know you know that.
 
We anticipate and we react. We trade with the trend and we trade against it. But one must have a very clever way to trade against the market or be prepared to be humbled.
 
Quote from inks2002:

not seeing this bigger wedge, got a chart?
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Can see it on the daily but is more clear on weekly. The weekly ended friday looked like a big bear flag to me. (JMHO)

Also watch the 30 support - if holds - for the BKX.
 

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