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[Previous entry: "S&P setup for today..."] [Main Index] [Next entry: "FibMaster Trading seminar in January 2004!"]
11/13/2003 Archived Entry: "S&P 30 minute channel."
Click for chart
The red line is the same one I placed on the chart on Monday, held very nicely! Now we are near the top of the channel as discussed in the chat room yesterday.. A nice big fat channel!! Short near the top, long near the bottom. But to not pull the trigger too early, wait for your signal of a turn. There is a chance that the market turns down a little early, as you can see with today's action. Do not be short if the channel breaks to the upside! Bullish up there until the 1069/1075 zone on the weekly chart. Here is a 5-minute chart click for 5 minute chart.
See the support level near 1052, if that breaks, ok to short but don't be short if the S&P get back above there.. This is an intraday level that will show weakness if it can't hold.
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