Tuesday, April 17, 2012

4/17/12 - EOD Update [9:38 PM Update]

[9:38 PM Update]

Forgot to update this chart from yesterday. Keeping an eye on the 62% Fib.

EOD Update

SPX - 30 Min
The market cleared up some counts today, however, the burden is still on the bulls.

The pink count is the top bear count at the moment and the blue is the top bull count.
The chart below shows that the market closed just under the 20 day SMA.

Pattern-wise this still qualifies as a bear flag and hence the burden on the bulls to make a new high.

SPX - Daily Bollinger Bands

Option 3
We'll just call this option 3 so long as the market continues to channel up. Notice this is an alternate to my bull option chart?

And don't forget the bears are still in the game.
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