Do we bounce this flag or breakdown

10 November 2011

SPX forming a nice flag as the bulls and bears fight for control of this market. We've bounced nicely off the bottom of the flag. Question now is do we bounce back to the top or break down below it?

Be sure to Join SharePlanner's Real-Time Trading Network for Free!

Comments

+2 #1 Martin1111 2011-11-10 20:30

That is a million dollar question. I wish I would know where the market will go. On one hand it has nice earnings reports coming in and on the other hand European mess. If Italy collapses I think we will repeat 2008 scenario and drop down. probably not that deep, but at or below 1050 points. Let's wait for the move...

Quote

0 #2 RyanMallory 2011-11-10 23:21

Quoting Martin1111:

That is a million dollar question. I wish I would know where the market will go. On one hand it has nice earnings reports coming in and on the other hand European mess. If Italy collapses I think we will repeat 2008 scenario and drop down. probably not that deep, but at or below 1050 points. Let's wait for the move...

Martin - I think you make some valid points - I think were we are right now in the market - and some of the charts I've posted with the SharePlanner Reversal Indicator - I think we head south. But my guess is as good as any. Europe can't get it together and I don't expect them to any time soon.

Quote

0 #3 Fensterputzer 2011-11-12 00:50

i am sceptical too. We have a market, news determine the market. In moment is it a very good Market for technical trader. i Think

Quote

0 #4 Razzzor 2011-12-06 11:40

I found interesting indicator , and I really need professional opinion for experinced traiders. I did 5 profitable bids but with small amount and all ++, therefore I need know second opinion befor starting seriose money traiding http://www.aspy.info/fpi.aspx

Quote

Refresh comments list
RSS feed for comments to this post