Tuesday, June 18, 2013

ImageShown above are the five and fifteen minute charts of the S&P 500 (SPX). I have been touting the last few days how TD Sequential can really help in finding high probability intraday reversal points during periods of high volatility. For today, both the five and fifteen minute charts have already completed TD Sell Setups and now the wait is to see what transpires for the downside. ImageThe four hour TD Sell Setup on the SPX is still active and the respective 8 and 9 count is due tomorrow. It’s also a FOMC day and intraday volatility is expected. As soon as the 8 count is recorded, I will take note of the level the SPX trades at. Levels such as SPX 1658 or 1668 as notated in the chart. It would be especially bearish if the TD Sell Setup completes under 1654.51. ImageImageSPDR Gold ETF (GLD) was last updated on the May 20th post. Since that bullish engulfing pattern showed up with an 8 count and finalizing the TD Buy Setup with a 9 count the next day, GLD has not made a significant run. But since then, the daily chart has recorded a 13 count TD Buy Countdown on June 7th and another key piece is in place for GLD to make a move up. Moving towards the weekly chart, a 9 count TD Buy Setup has been recorded two weeks ago. So, at present, there are two confluent bullish scenarios. The daily chart is suggesting a move straight up but the weekly is suggesting one more down move to 130.85 or lower before reversing. Although I’m bearish long term for gold, I’m taking the bear cap off for awhile. 

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Currently positioned short in accordance to the five and fifteen minute TD Sell Setup. There was further upside on the SPX so I had to take some heat and was very close in getting stopped out but currently looks like it is working. As for tomorrow, I do not have a plan on how to trade tomorrow but chances are I will wait for the four hour TD Sell Setup to play out and go from there. (updated intraday)

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2 Responses to Tuesday, June 18, 2013

  1. macro says:

    what does gld monthly demark look like?

    • Art says:

      Monthly is at bar 7 so there is room to go lower but at the same time, GLD can trade as high as 150 and not disturb the monthly count.

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