Looks like we will open right above the 50-day MA. Immediate support is at 791 SPX (50-day MA & Mar 25th pivot). If that breaks sometime, we’re looking at 775 as secondary support. 791 becomes resistance.
Peace be with the automakers. Godspeed for my FAZ position.
As of 4AM, anticipated opening candle (10-day/30min):
$SPX 791 cracked
The knife through 791
Added a large FAZ position at SPX 789. Plan to sell at 777, Wish me luck.
I would hold onto it till SPX ~771. This is still a safe trade.
Thanks for the advice Charlie. It was a big position so I took a little off the table but I think I will let the rest run down further if it is in the cards.
B
Any experts expand on the significance of this pullback occurring on extremely low volume (at least in terms of SPX)??
Price > volume
price is still in indecision zone I wrote about, so rally in trouble, not definitively over.
http://tinyurl.com/c6rgv2
JJ, rob hanna at quantifiable edges blog has done studies on pullbacks on light volume. If I remember correctly, light volume on pullbacks is just as bearish, and maybe even more bearish than pullbacks on average volume.
we have here a breakaway gap
Damn I love the sound of that.
today gets a nice setup for a long trade…on deck turnaround Tuesday month end qtr end….we will see……
NDX is the strongest of the indicies.
full moon fever
Bonds and Gold didn’t catch a bid…..
Hey Charts,
did you hold onto FAZ like FLY or did you sell out already?
holding.
Just curious as to your stop stop price on FAZ? It briefly dropped below yesterdays gap up point and it would suck to give away all of yesterdays gains.