April 27, 2010:
A 2.34% move is certainly nothing to scoff on the SPX. As shown by the red line my entry was a few days too early as my position moved against me 1.33%. I kept my stops wide enough and today paid off. I expect prices to at least reach 1160 where I will take some profits and reassess as 50 SMA resistance can be strong, however as the blue circles indicate there is plenty of technical bearish indication the trend may go lower (Volume confirmation and momentum reversals). As is, I will be riding the short term trend for as long as it stays healthy. Though overall, quarterly time frame I am leaning to be more bullish, but more on that later... back to finals studying!
NIce post Alex. A 2.34% downward movement is "nothing to scoff on the SPX" indeed. What do you think of the DAX (off 2.73%) movement?
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