Monday, February 6, 2012

Is tomorrow the day?

I am going to be on the lookout for a reversal during SPX cash session tomorrow. I am looking for 1350 - 1355 level to be short-term high of this latest bull move from 12/20/2011. It can overshoot by 5 points due to stop hunt. One has to expect that.

This is not a call for the end of bull market which started on Oct 4th, it is a technical reversal zone and nothing more than that. If I am wrong I will step aside and regroup. If I am right I will ride the sell-off to 50 dsma. Reward to risk ratio is great.

I will continue showing this chart until it becomes irrelevant. Once ES fills 2 gaps above, there are 8 gaps below to fill.
click on chart to enlarge

No comments:

Post a Comment