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Monday, September 13, 2010

Monday

My indicators remain bullish


Slightly adjusted fork






All my talk about support levels seems meaningless as the market heads north.
Calling a peak can be risky, but it comes with rewards when correct.

Currently the SPX is back at the top tine (current positioning of the 2007 fork). As I've said before this fork is, a wildly large fork and in its scale the daily moves are insignificant, but it provides a theoretic level of resistance.

But it's difficult to call a peak with no other coordinating indicators other than Fibonacci ratios. There is a trend line off the peaks of 6/21 and 8/9 that should provide resistance near 1127.

The candles have been long, the forks are up until broken so there is little hope for the Bears other than an over bought condition on the stochastic.



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

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