Thursday, June 30, 2011

SPX and NDX update

Both at respective 50 day sma now. SPX and NDX came back to the top of the former broken daily channel, with trendline just above. Yours truly is not happy about leaving 1.7% on the table, but one has to trade the plan (on this a separate post later).
Daily momentum studies are at the top, with Stochastic in overbought territory (@ 96 as I type). Only a fool would be buying here. Caution and lack of exuberance should be well-advised to those who are still long...

100 dsma and upper daily bollinger band are here as well. A lot of resistance, folks...

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