I have to stay neutral to bullish on the markets until $105 is broken. There is a case, however, of a H&S pattern on the SPY 60-min. More importantly, we have a new daily trendline, if broken SPY $95 will be inevitable.
In a past post, I mentioned a Chinese stock that I wanted to share with you all (CHNG). On that day it traded to as low as $5.10 (almost nailing a trendline) and formed a reversal candle that had to be confirmed with the next trading day. The confirmation never came. Today that trendline was hit and it bounced beautifully, I bought on an intraday pullback. It looks like a legitimate reversal is on the way.
Past Post:
http://yourfinancialblogger.blogspot.com/2010/08/going-into-tomorrow-neutral.html
My swing position: CHNG @ $4.85
No comments:
Post a Comment