Tuesday, December 7, 2010

Market Update - December 7th - 1235 Top for now

EOD Update: There was a bearish reversal today and I think we've finally entering the corrective phase. The market put in a Black Candlestick, a day after a Doji which translates into a bearish confirmation as far as the Candlestick method is concerned. I think we will see a test of the level posted on the right and tomorrow's 10 year bond auction might serve as a catalyst for a sell off. I am planning on going leveraged long at the first test of this level.

Morning Update: Interesting the market hit and seemed like it topped at 1235, which was just one point above the 1234, a Fib mark I had put down for last month. And now it seems like we are are starting an ABC move, note how the MACD has reversed. It's rare to see the MACD in the 30 min frame reverse the same day.

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