Quote from No.Heat:
Here's my humble analysis of SP500 daily chart.
Using cash index as guidance, the market is in a clear uptrend, 100 and 200 day averages clearly uptrending.
The latest pullback though was brutal absolutely destroying the 50 day, using a 2 standard deviation on the 50, it looks we could have confluential support there with the 100 MA so I'm expecting some sort of support there at the 1080 area. It's too premature to decide if that holds or not, but if it holds the market has another shot at new highs, otherwise I'm afraid it's a quick hard run to the 200.
Best of trading to you all.
No Heat
Sell on the way down, buy on the way up.
