Is the Rally almost over??

The markets aren't out of the woods yet, there is major resistance at the 950 area in the S&P 500.

Until we break 950 area and stay above it, were still in a sideways market.

Bear market tactics are still working, admittedly they're few and short-lived recently.
 
Spreadem...

Much of what I am posting does not refer to you... I make trades that last a few days to weeks.. your analysis is based on trading for a few minutes or seconds...



--MIKE
 
i agree... there has been no trendline break on the ES either... what chart are you looking at?
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The trendline that I drew is on a 2 minute chart of ES.

The starting point on the trendline is the dip at 12 o'clock, the price was 938. The next point is the bottom of the trading range at 3:15pm, the price was 943.50. The break happened this morning at 9:59 am. (Eastern time) :cool:
 
Quote from spreadem:

The trendline that I drew is on a 2 minute chart of ES.

The starting point on the trendline is the dip at 12 o'clock, the price was 938. The next point is the bottom of the trading range at 3:15pm, the price was 943.50. The break happened this morning at 9:59 am. (Eastern time) :cool: [/B]
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I wouldn't call that a "trendline" since you're leaving out hours of data.
 
... Getting back to the subject of the thread ...

This rally has been rather long in duration and a couple days of pullback would not be surprising.
 
The old saying comes to mind:

"The market can remain wrong longer then you can remain solvent"

I forget the source.

I've been net long in my swing trades for the last 3 weeks. Didn't really mean to - just worked out that way. Tried a few shorts here and there and got stopped out.

I just took a counter-position in the SPY's to hedge somewhat. If we break out to new highs (950+ on the SPX) then I'll be looking to take off the hedge.
 
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