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It is funny how several different traders can look
at the same chart and come up with different answers. This has to do with
the index only and refers to the daily chart. Different numbers for
different timeframes.
The index is right now 42 bars into a 62 bar cycle
so downside pressure from time should enter the equation. I have
resistance at 1221 which should impede upside momentum. Other upside
pressure is over extended and should add to the downside pressure from
time.
The ultimate target for this move up is 1275 with
interum price objectives of 1221, 1235,1241, and 1251. Each of these
levels should first act as resistance and then if penetrated then act as
support. 1135 would have to be hit in order to void these numbers and this
move up. This does allow for an 80 point retracement at this time and one
would still be within this up move.
Have a good week end. Ira.
----- Original Message -----
Sent: Saturday, June 18, 2005 8:00
AM
Subject: Re: [RT] SP500 - pull back
times?
One other thing ... short which is setting up looks like a
correction trade. I think SP 500 will move higher now that it has moved back
above the intermediate term trendline (gray). Reasonable target would be
confluence of the 68% retracement to ATH and the upper blue trendline at
1253+-.
Earl
----- Original Message -----
Sent: Saturday, June 18, 2005 7:13
AM
Subject: Re: [RT] SP500 - pull back
times?
My general view has been that the fundamentals and risks do not merit
heavy long positions, however I did put on my first light long position at
1160 although I have not taken the entire ride. See my earlier posts:
5/15, 5/17, 5/23, 5/26.
Earl
----- Original Message -----
Sent: Friday, June 17, 2005 7:23
PM
Subject: [RT] SP500 - pull back
times?
Jusr a question..... If you folks are so sure that you
are pyramiding
shorts, are you also paricioating in the upswimg as it
has been
occurring.
Sallie
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