Thursday, January 3, 2008
S&P 500 Chart Update
I've taken 10% off the table (late December) from my most recent entry at 1406 and change because the market failed after breaking above the trading bands and also due to the fact the center line of the 45 time frame trading range busted below the 90 day time frame center line. People tend to forget that markets trend in 3 directions. UP, DOWN & SIDEWAYS. Both trading bands prove for now that the market is in a sideways trend. With most everything I've read predicting gloom and doom it takes a lot of guts or stupidity to stay long this market but my most recent trade is still profitable(for now). The gap in the chart provided support in December so for now I'm looking at that level for any further downside. A close below the gap will tell the old timers this market is in serious trouble.
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