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01/23/2004 Archived Entry: "S&P Intraday Today."

Click for S&P chart
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The attached chart shows the S&P 30-min in a retracement. Two important SK support levels are shown. On the daily chart a pullback to 1115 can take place without stopping the uptrend (it retraced that deeply and recovered recently).

The daily trend is trying to turn up but is not strong yet. The 30-minute trend is down at the moment, though the S&P is supporting at a nearby SK level. With the 30 min trend down, I'd like to short the market after breaks of SK support. When the 30-min trend crosses up again, I'll be looking for long trades. Aggressive traders may try some longs in lower time-frames at SK support levels.

Notice the bullish push pattern (marked with vertical red bars). That pattern has a profit-point of 1152. As long as the 1135.50/1136.50 SK support level holds, that push pattern is still valid. A cross up of TRSI on the 30-minute chart will trigger a long entry for the bullish push pattern.

Congatulations to members for some great trades yesterday, including 15minute and 30-minute Double-RePo patterns for some great short trades.