Well somewhat to my surprise SPX bounced at my highest retracement target yesterday, and that was at the 50 DMA. The broken rising wedges on SPX and NDX both established rising channels at the low, and I posted the SPX channel on twitter later with the comment that there was no longer a retracement setup there unless the rising channel should break down. That remains the case this morning of course and I would add to that the note that the rising channel is rising at better than ten handles per day, so it is likely to break down within a few days at most. SPX 15min chart: (more…)
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