Well today I went back to some old school technical analysis. Some may say I am crazy or that can't be right.... But I just read the charts.. The most important thing that people over look allot is that stocks usually act or repeat the same movement during the current trend. So saying that look at the 60 min.
Long Term - nothing has changed - just need to watch the daily RSI - 70 to 75 on daily RSI then we start a major pullback
Short Term - Key here is the 60 min SPX below... Look for that same pattern, which gives me a good handle on the upcoming movement. I think tomorrow you will see a 10+ point move up and continue up some on open Friday.. The question is 1150 or does the new volume push us up straight to 1175? Once the RSI on the 60 min gets to 75 then this move is over and next move will be a minor pullback to 1130 area..
Trade Advice/Opinion - Pretty much the same... when the RSI on the 60 min tops at 75 then a short position with a target of 1130 would be in play.
60 min SPX - Old school techincals here.... Keys watch RSI (75 and this up move is done), pullback 1130 (watch major trendline, if breaks then we are going lower).
60 min SPX - Old school techincals here.... Keys watch RSI (75 and this up move is done), pullback 1130 (watch major trendline, if breaks then we are going lower).
Daily - RSI should break out to the top side soon. Need to get to 70 or 75 on the RSI before the big pullback... Question is 1175 or 1200.
30 min gann - We are following that gann line straight up... Move the pullback based on todays move.... Jan 13th 1130 pullback?
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