Sunday, August 16, 2009
Looking at the $SPX
Looking at all my time frames for the $SPX I see that on a 10-minute chart things have turned neutral. The 60-minute is now neutral while the daily is still bullish. Look to the left for a weekly chart and you'll see it closed below the 80-ema and the 10 day ma's have not crossed over the 80. My retracement target of 38% has been hit from the March low. Weekly chart is still bearish and so is the Monthly chart. Here are a couple of links that may be of interest although conflicting. Decision Point and RBS. For now I'll be trying to draw a conclusion of market direction near term by watching the short term charts.
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