“Those who have knowledge don’t predict. Those who predict don’t have knowledge.” Lao Tzu, Chinese philosopher, 6th century BC

PAYPAL

Thursday 12 September 2013

12 Sept 2013

The Index has finally put in a down day, but its a long way from changing a trend.  The good news is that this is the first red daily bar since the 7 green bars that preceded it.  We won't know for sure how low this goes, but at least a correction is in need.  The SPX prices have come back down below the angle represented by the green dotted line.  Not only that, it has also broke the intra day 20ma.  So at least on an intra-day basis we have some more down trend to follow. The 60min chart below illustrates the next levels of support and the 200 and 75 60min MA.  Notice also that the 60min stochastics has not reached the bottom or have crossed up, so a down move is still in play.

Main-Trend: UP (Unconfirmed)
Short-Term: UP

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3 comments:

  1. driftless12 September 2013 at 21:45

    Did you ever finish up that book by Bradley Cowan? I am debating on buying it but haven't found any decent reviews. Thanks

    ReplyDelete
    Replies
    1. MP13 September 2013 at 14:04

      I read it once and I am reading it the 2nd time. I don't mind reading it because it is pretty interesting. Don't expect to read it once and grasp all the knowledge though. There are times that I feel I will never grasp it, but each time I read it I see a bit more... Reviews are hard because its really hard to write up an opinion of it. Either you understand it and write a positive review or you don't and write a bad review.

      Delete
  2. driftless12 September 2013 at 21:46

    And I'm in short on this market until 1660 at the very least - good luck

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