From my last posting our concerns were realized. We needed the FastK on the Stochastic to rise above 75 by week end, but instead another big, red, ugly candle appeared. I am still upside down on my February stats trades, but my goal is to leave them on till the end of the month. With this additional weakness in the last few trading days we need to be observant of support levels. I have drawn a new, lower support level and range in pink. Each time the SPX gets into a range I expect it to trade there until it proves otherwise. For now, the new range is 2620 to 2550.
The candle looks like a hammer and I hope it is. However, it also closed at the top of the range - resistance, not above it. My confidence in going long will not be here until I see the FastK on the Stochastic rise above 75. This might be a strong day in the market, but it should also prove that momentum is back.
SPX chart:
6 comments:
Glad to see you are back, appreciate your market comments.
Thanks Craig
Enjoy your new eyesight! Hope it helps the migraines.
I hope you recover quickly
thanks again for your posture
Market commentators are very optimistic about rebound....
I hope you feel better soon, Craig! And thank you for taking the time to keep us informed of your market posture.
Thank you all!
Thank you for taking time for posting when you just had eye surgery.
Take care,
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