Thursday, September 8, 2011

S&P 500 Intraday Bias, 10:05 AM

Negative, suggesting sell the rallies intraday.



    Anon :)

  2. It looks like a small head and shoulders pattern is forming within the channel. Today could not break up above the 1200 mark enough to negate that possibilty. Looks like we could hit the bottom trend line and possibly break it if we can't move up over that 1200 area soon. I was expecting a move up to near 1250, but the way this market is bouncing up and down in a large range with such volatility, caution is best. I still believe the longer term trend is DOWN. It is best to wait for the "fat pitch" setup in this kind of market rather than getting whiplash. Good call George on the negative sentiment today. I made a profit on the inverse ETF's.