In the 1-day chart below, the blue circle marks the 5-min bar where the market penetrated it's previous low. The act of penetrating resistance in full-force gave signal to other players to go long. The red lines are additional resistance areas we penetrated, but also serve as tomorrow's support.
S&P 500 (SPX) - 1 dayIn a 3-day chart below, we formed a bullish wedge which indeed broke out to the upside. Purple lines mark tomorrow's support, if necessary.
S&P 500 (SPX) - 3 dayIn a 5-day chart below, we see the same as above, but we also see longer-term resistance up ahead. This rally may last for 2 days or 2 weeks, who knows, but it's important to make note of all resistance areas ahead of time.
S&P 500 (SPX) - 5 day
Don't forget to try out the Free Trend Analysis. It's FREE, so give it a shot!
Don't forget to try out the Free Trend Analysis. It's FREE, so give it a shot!
3 comments:
Hi John,
Do you think the market is way oversold and have a short term bounce from here? Can you give me input about AAPL and POT? Thanks
absolutely, major oversold levels. The day went exactly as I pictured it. I am 100% long and I not only have POT, but 5 other fertz/agri's as long positions which will be closed out depending on the duration of the rally.
Thanks John =:)
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