Inverted head and shoulders on the SPX?

traderyin · Jan 29, 2009

Quote from AMT4SWA:

All profit targets at 858.00 are filled.....holding last 50% of position now for any additional downside move. A close tomorrow below the 856.00 level will indicate to me confirmation that Wednesday was an "inventory grab" within the context of the FED release......typical game, nothing new.

Good stuff AMT. What make you so bearish?

stock_trad3r · Jan 29, 2009

The November support won't be eroded so easily.

AMT4SWA · Jan 29, 2009

MAJOR trend is STILL DOWN, so I trade position trades with the major trend.

Covered 10% of my positions of the last 50% held with fills at 843.00 for just over 30 points of profit. My next profit target levels for any additional selling will be at 833.00, 823.00, 803.00, and 793.00....each level I will cover 10% of position until the last 10% is filled at 793.00

BTW, "Stay SHORT, and Stay OFTEN!" :eek:

stock_trad3r · Jan 29, 2009

Quote from AMT4SWA:

MAJOR trend is STILL DOWN, so I trade position trades with the major trend.

Covered 10% of my positions of the last 50% held with fills at 843.00 for just over 30 points of profit. My next profit target levels for any additional selling will be at 833.00, 823.00, 803.00, and 793.00....each level I will cover 10% of position until the last 10% is filled at 793.00

BTW, "Stay SHORT, and Stay OFTEN!" :eek:

market is actually in a trading range between 820-930 on the sp00z.

AMT4SWA · Jan 29, 2009

875's to 797's in the ES......time to go down and retest the 797's again!!! :eek:

stock_trad3r · Jan 29, 2009

Quote from AMT4SWA:

875's to 797's in the ES......time to go down and retest the 797's again!!! :eek:

or maybe not.

Dogon566 · Jan 29, 2009

Quote from foreverstudent:

Thanks Dogon,

I appreciate your sound response. Thank you for sharing your knowledge.

Travis

Thankyou Travis...the head and shoulders pattern in this case is possibly retracing to test prior lows as price action today was unable to climb above the 20 sma (869.44) area on the daily $SPX chart. Given the closing bearish engulfing candle at the close of today's trading session (845.14) the next possible target closing low could be (836.59). This will put the price below the 8 sma (838.30) area.

college_trad3r · Jan 29, 2009

Quote from stock_trad3r:

market is actually in a trading range between 820-930 on the sp00z.

I think we should start to get bullish soon... I don't want to mention the B-Word, but it's so much better then the L-Word

BullAlert · Jan 29, 2009

Quote from dsq:

inverted head and shoulders??wtf,maybe if your on crack...then again so maybe chartists read interpret garbage to fit their own beliefs.People who claim to be chartists should at least read the edwards mcgee book before yapping their heads off.This internet fool obviously hasnt.

Ever heard of a complex H&S? A CMT you are not.

fantastic4 · Jan 29, 2009