Chart Update

As you can see from the simple daily chart above, all the indexes are above the 20 day MA or the midline in the Boilinger Bands.  The odds favor the upper band as the next stop at this point. While the SPX and Dow still need to make highs above the previous levels, 1298 for the SPX, the Nasdaq and RUT are free and clear.  So, as I wrote over the weekend, the double bottoms for the Nasdaq and RUT, where each made lower lows that were not confirmed by the SPX and Dow can now be seen as a likely signal of a trend change.  We should be moving our stops up on the long ETFs that are solidly in profit to protect against a deep pullback.  But, the odds are ever increasing that we’ll be riding these to huge profits above 1400!  Enjoy

About alphahorn

I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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