Monday, April 23, 2012

4/23/12 - EOD Update [5:55 PM Update]

[5:55 PM Update]

ES may be hinting that the green option for SPX is in play. Its currently backtesting the bear flag so we'll see.

EOD Update
As I posted over the weekend, I strongly suspected another leg lower. The market surely provided that today. My initial target range was the 1357-1340 zone and the market came really close to it at 1358.79

The bears brought the market down to the head and shoulders neckline and the bulls fought to close it above. The 15 min count option below shows the various options still in play.

SPX - 15 Min
Pink is still the top option with green and black as top contenders. Blue is hanging on by a thread.

Note the potential 'W' bottom setup forming. This may bode well for green, black and blue.

SPX - Daily 'W' Bottom?


RUT - Daily
RUT may also be supporting the green, black and blue options above.
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