Where is S&P 500 heading?

Simpletrader

any update today?

luckystar2006

Simpletrader 发表于 2013-9-11 03:52 PM
any update today?

Well, historical pattern from this chart shows that the ball is in bull's court for medium-term.  Any pull-back will likely trigger dip buyers from there. Green circles from the chart shows that once Lower BB pointing downward, market will have a tendency to either trade sideway or going down for at least longer than a week.  So far, all we see is Upper BB pointing upward (initial phase of rally), while Lower BB (last phase of rally) has not appeared yet.  Also the black line from 2nd part of the chart (it's a momentum indicator) is not showing any sign of weakness yet.

luckystar2006

What we all have been aware of from today rally is that the last open down gap has been filled (green arrow).  However, today rally also causes an open up gap (red arrow) that might get filled later on.  I will use this 60-min chart to wait until market getting oversold later on to get in.  Remember that trend is your friend here.  So, it is definitely quite risky to short the market since the trend is up and the upside momentum is strong.

luckystar2006

More pull-back ahead???

luckystar2006

Same as with this chart which is getting overbought.

luckystar2006

If historical patterns on this daily chart are going to repeat again, then I expect more on the upside next week.  However, don't forget market moving news that will dominate next week from FOMC meeting about tapering event.

luckystar2006

btw, I don't feel much anticipation on my thread.  If it's useless to you guys, then I will discontinue it.  Just let me know what your opinions are.  In the meantime, I hope to share and exchange my knowledge with those professional traders on here.  That's my main purpose of this thread.

ctcld

chinesebuffet

这ID看着眼熟，，，牛七?

luckystar2006

chinesebuffet 发表于 2013-9-17 10:36 PM
这ID看着眼熟，，，牛七?

I guess you mistake me for someone else.  Been following Cobra's blog for years and this thread is my first one that I posted on this forum.

luckystar2006

I don't see any solid evidence of distribution from big players yet, but this chart shows market is facing a major resistance trend line, plus getting overbought.

hotday

broken through

估盛

Keep continue :)

东北妞

luckystar2006

Bulls should keep an eye on this chart over next few days to weeks.  It shows a sizeable pullback or a lower low ahead each time when blue line crosses below black line (as seen red circles).  If I still long this market at the present, I'd not hesitate to take my profits off the table.  HAVE A GREAT WEEKEND!