S&P 500: The Bearish case remains alive!
It remains alive in so far as we cannot get another clear trading bar subdivision on the Monthly chart until the first
trading day in August to accept a more Bullish 5-wave count from the March low. We remain skeptical of this move,
for now.
One-half of our 'Flag' pattern short/hedge from 3180.70 was stopped out on the close today for an effective 0.36%
loss.
The remainder of the short/hedge position will be stopped out on a close above the June07 recovery high of 3233.13.
The Daily chart appeared to print a very tight 'Spinning Top' candlestick which reflects some indecision as to
the direction in this market. It can precede a trend reversal.
We'll see what tomorrow brings ... with a view to increasing our short/hedge position quickly again.
trading day in August to accept a more Bullish 5-wave count from the March low. We remain skeptical of this move,
for now.
One-half of our 'Flag' pattern short/hedge from 3180.70 was stopped out on the close today for an effective 0.36%
loss.
The remainder of the short/hedge position will be stopped out on a close above the June07 recovery high of 3233.13.
The Daily chart appeared to print a very tight 'Spinning Top' candlestick which reflects some indecision as to
the direction in this market. It can precede a trend reversal.
We'll see what tomorrow brings ... with a view to increasing our short/hedge position quickly again.
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