Thursday

Market recap:
I admit my 1130 forecast was dead wrong, but I was quickly back on track this morning with a good call for a bounce off the Kumo..

Today's Black Spinning Top is follow through to our short sale from yesterday, but a Spinning Top at the edge of a trend line or fork is begging for a reversal.

It's a real wait and see market and it shows in the length of the shadows. Currently Price is sitting inside the Daily Kumo and above the Hourly and Weekly Kumos.
Price is above the 20 and 50 day MA and below the 200.
All of this is providing a lot of support as well as resistance.

I completely missed the signal last night, but the Squeeze indicator was warning of a volatile market and we saw that happen this morning. The indicators are not clearly showing me anything either.

If the 1080 area is broken I believe 1065 will be the first level of support to catch the fall, but there is also a chance 1130 area may be visited first. Should price break this area of support the fall will probably be fast.

// End of recap for 2010.07.29//



15:12 ET
The magenta box shows the critical trading range. I believe Price will break to the downside, but only time will tell.

14:45 ET

The picture is becoming more clear

14:20 ET

As posted on Twitter 1103 is critical.

12:40
Calling for a bounce off the 1093 level is a bit bold and in conflict with my indicators. Based entirely on the forks and Kumos. If this level is tested again and falls below the 1080 level I will abandon this Bullish attitude. 1088 is going to be an even tougher level to break.



11:35 ET

Expecting a bounce right here

09:30 ET

1130 is my next SPX target area. Until upward fork is broken the trend remains up.


Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling contracts, equities or currency.