Monday, July 18, 2011

W4 Fail

SP1300 was tested as I had speculated but since 1298 did not hold, the count I had been tracking for weeks was finally invalidated. So I have to take a look at the overall structure and see what is the count that best fits the current price action. The market continues to be under the TA and under the 50 day ma, which are both bearish. So we will have to see how the market reacts to the debt ceiling issue in the next few days. The intermediate and long term are still pointing up so I am assuming we are at another correction as long as 1258 does not get taken out. I am waiting for either the 200 day ma to be tested again to go margin long or trade above the TA, which is now at 1324 and dropping a few points per day.

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