Thursday, March 1, 2012

3/1/12 - EOD Update [8:39 PM Update]

[8:39 PM Update]

Thats some nice channeling. Until it breaks...

EOD Update

Looks like tomorrow is going to be a telling day. The burden of proof is still on the bulls.

The bears have finally setup a decent nested 1-2 i-ii down. If th ebulls want to defeat this, they need to take out 1376.17 and then 1378.04.

Though the burden is on the bulls, I will say it does look closer to 50/50 at the moment since the bulls have fought to remain in the ascending wedge.

The VIX closed below the 20 day SMA again and the daily MACD is rolling over ready to bear cross again.

See the bullish alternate below, should the bulls push for a new high or a double top.

SPX - 60 Min Primary
Note the converging trend lines for MACD. It has come to a head. We should know tomorrow.

SPX - 5 Min Bear Option
A decent bear setup for once. Watch those levels above.

SPX - 5 Min Bull
There is some hope left for the bulls. Looking for the completion of wave [b] or iv before [c] or v moves up to complete this entire leg.

Note that a potential triangle may be in play here for [b] or iv.

SPX - 60 Min - Alternate

This goes with the bullish 5 min alternate above for the bigger picture. Note the bulls have fought to keep price inside the trend lines.
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