Wednesday, April 17, 2013

ImageVolatility is back. Triple digit moves back and forth work in the favor of the bears. Also the intraday TICK readings constantly tagging the -1000 level is another indicator the bulls are giving up…at least for today. The first level that will be watched is the four hour S&P 500 (SPX) TD Buy Setup and the SPX 1540ish level. If the four hour TD Buy Setup completes a 9 count, it will be late Thursday or early Friday and where the bears will get a first look of how much conviction the bulls have. ImageA snapshot look at the potential SPX TD Buy Setup on the daily. At a current 3 count, there is plenty of room at the bottom if the bulls decide to stay on the sidelines. 

 A close under SPX 1552.58 will keep the DeMark counts going on the four hour SPX chart. That’s what the bears want. A close above it today won’t dent the overall bearish picture but it will give bulls a bullish price flip and a bit of leverage. (updated mid trading day)

This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s