Friday, August 9, 2013

Market Update

- For some reason this post was not published yesterday when I intended to post, I just realized now that it did not post. And no I did not tweak the count to fit what's happening today :-) -

The market made it to the resistance level I had been expecting and it seems like there is a new 5 count starting. However, there is also the possibility that there is a more upside up to the 1705 level before reversing so we'll find out in the next session or two. And obviously this could be a bullish W3 as well but I don't think that is very likely. For trading purposes, I am assuming this is a bearish 5 wave count despite the near invalidation on the counter rally but anything less than a strong bearish wave tomorrow and I will probably cover the SH position I bought today at 1695.

If you haven't taken the sentiment poll, please do so at:

Main S&P 500 Trends*

Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

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