Stock Market Up On Low Volume
The stock market was up today over 2% but on low volume. It appears that the S&P is testing it's trendline and 200 day moving average. Lets also not forget about the year high made last January which adds to the overhead resistance the S&P must overcome. This is a big spot for the S&P500 and if it fails here, I think shorting below point 2 might be a low risk way to get short this market.
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7 comments:
Kevin
You showing a Trader Vic 1-2-3 trend reversal? Or something else?
A Trader V would have the 1 as the break in trendline and 2 as failure of new high and 3 as breaking the pullback low where your #2 is.
This is a 1-2-3 formation....very simple..
All I know is I can't wait until it surpasses the 200 DMA. Not that it's 30%+/- rise is not good enough but I'm just tired of the talking heads preaching so much doom and gloom.
Hi Travis,
Yes a move above the 200 day avg would be bullish. Lets see what happens.
The volumes are telling me this market is toast to "try" and trade. Its impoossible to get on the right side of this $#%*&#, would you not agree ?
The 1-2-3 has the same result just mine is numbered differently.
BTW, do you use fibonacci at all? I can't remember seeing you charting with fibs.
Hey Kevin
It's tempting to front run this thing prior to hitting the #2. Especially with todays reversal.
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