ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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We broken out of the SPX downtrend line and past 2 days formed a test of that line.
The result is that it now acts as support.
Next minor down trend line is at least 1025 to 1030 area if reached in a day or 2.
If the run up slows down, that trendline will indeed move lower and force SPX to form a rounding top.
I need the daily swing trend to turn lower before I turn bearish on the daily level. i.e. daily lower high selling resulting in a significantly lower low
That's an interesting question.
One group on the thread seems to be bullish (JSSPMK, LC) and they're looking for price to continue up into the 1040's or higher.
Another group seems to be bearish (myself, saliva, ammo - i think) and we're looking for a drop - I say next week sees 960.
I'm sure one or two people were expecting a big drop this week (romik), but tops form in a rounding tops, and bottoms tend to form in V shapes ... and that obviously didn't happen.
Finally there are the fence sitters ..., and of course, B1S2 is still LONG, so see we'll have to see how next week plays out.
Good trading
Did you read the post?
I can see the broadening pattern on a daily bar chart but it seems like it is in the early stages of development. My googling suggests it is a bearish pattern. On the bull side I see an ihs on the hourly chart targeting 1046. Market seems to want to close higher then yesterdays close after bad retail sales figures which is also bullish. My interest is in options expiration next week. I am short 1050 calls.
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