Thursday, June 16, 2011

SnP Chart 1270-1280 Should be Sellable Levels. 6:51 PM CST 6/16

(Chart 1 - Daily SnP Zoom)
(Chart 2 - Daily SnP)

The number 1 thing I am looking at is the bottom line of the magenta bearish channel we broke out of towards the beginning of June. As long as we stay below it, I am a bear. Sure there will be bounces, but you will use those to sell into now.

1269.5 is minor resistance. I am going to fade into a short position there, but save bullets for:

1279.5 is very important resistance. It is also right about where this line I talked about earlier is currently in space. If we get at or just above this line, I look to reshort for a move down to 1250.

Should we get down there I will take a good chunk off, as we could bounce to the magenta down trend line again. Eventually, I see us cracking 1250 for an initial test of 1230.5. From there any bounce to 1250 can be sold with pretty solid confidence. (but I am getting ahead of the market haha)

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