Tuesday, August 13, 2013

ImageImageThere is a small conflict right now for the short term bearish case. While the S&P 500 (SPX) 4 hour and daily charts have active TD Buy Setups, the short duration 2 hour has reached downside exhaustion with a recorded 9 count today. What makes this meaningful is the recorded low did not violate the TDST level at 1682.19 suggesting the market is will continue sideways at the least. ImageImageFollowup on Apple (AAPL) and LinkedIn (LNKD). AAPL has has officially gone into TD Sell Countdown mode. This indicates the upward trend will continue. For LNKD, it is nearing upside exhaustion as indicated by TD Sequential. Normally, the 9 and 13 exhaustion points marks brief consolidations before taking off but this 13 on the daily is met with an already “perfected’ 8 count on the weekly chart. A bigger rest for LNKD is setting up. 


The market continues to make marginal lower lows followed up by high upside retracements. Just like the bulls cannot seize the upside, the bears cannot seize the downside. The bearish case far outnumbers the bullish case so the propensity is to the downside. Until a “moment” arrives, there is no reason for me to press any index shorts or go long. Taking intraday short trades but holding a neutral outlook. (updated intraday) 

This entry was posted in Uncategorized and tagged , . Bookmark the permalink.

Leave a Reply

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

WordPress.com Logo

You are commenting using your WordPress.com 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