Tuesday, September 20, 2011

5:35 AM Update

5:35 AM Update

Once again futures were able to recover overnight, which shouldn't be a surprise to anyone anymore.

As posted yesterday, below is the primary count we must watch both trendlines (blue and black) covering the 1212-1215 level.

Should the market find resistance here at 1212-1215, start thinking about that blue "or X" option.

Note the green ascending TL (approx 1225), that may be a possible target. Note the parallel with ES below (purple TL). The difference between the two though is that ES may be setting up a triple negative divergence while cash is not.

SPX - 10 min

ES - 60 min
Note the purple ascending TL as well as MACD. This is the same as the green one on cash.
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