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For now, I'll read the pattern as Bull Flag, so it's a little bit bullish biased.
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grachu wrote:cobra good morning when you get a chance . do you see a bull flag on apple ? on the 60 min
no. If you mean bear flag, yes, it's broken already. I just updated the members only intra-day update.
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With regards to SPX, the overhead resistance can be defined as follows :
There is a Positive Price Reversal on the 15 & 60 min RSI(14) that calculates out to 1693.6
(If this is not met before a failure swing on the RSI, it can be indicative of a minor trend change.)
The 78.6% retrace of the August decline = 1692.1
The backtest of the broken neckline from the July/August top = 1693.9 for 9/13
There have been 21 closes between 1680 and 1700 since July, and only 3 closes above that.
Swing to Intermediate SPX Analysis - multiple time frame - Daily & 60 min time and price cycle analysis.
Usually trade SSO / SDS
testing yesterday's low, might at least a pause here. noticed RSP has already taken yesterday's low so the bias favors bears a little here.
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My summation signal is up.
My composite trend signal is up.
I have an ARMs sell warning into next week. Breaking this week's high would cancel it.
I remain cautious.
The ARMs sell warning may have triggered yesterday. Breaking yesterday's lows if it happens may be a confirmation.
I put on some short as a hedge (not big). I'll be out of it if the morning high is broken.
If the signal is a goer, closing the Monday gap may be a good target.
Additionally, on SPX the ADX is falling and <20, and below both the DI+ and DI- on the 15 min, 60 min, and Daily time frames.
This is interpreted as meaning that there is "no trend - use patterns, support and resistance, oscillator divergences and failures." And so, I propose that a fall below 1677 could presage a minor trend reversal. And, if seen as a lower high on the Daily chart, something more (really getting ahead of myself on that one).
Last edited by rhight on Fri Sep 13, 2013 10:31 am, edited 2 times in total.
Swing to Intermediate SPX Analysis - multiple time frame - Daily & 60 min time and price cycle analysis.
Usually trade SSO / SDS
Corn long failed. Perhaps high corn prices are a thing of the past and the larger trend is down.
Coffee consolidating under 200MA 4-hour TF and down sloping trend line
took a small loss on gold long (don't like the weak reaction at this level) if we manage an "eve" bottom here and get the MAs back to bullish I may try again. If this level holds.