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Mid Day Mid Week Update
August 13th, 2008 at 11:39am · No Comments
The weekend outlook calling for the market to turn down at the upper channels of the charts proved correct. Now things get trickier. The eMini has reached the lower channel of the 60 minute chart (now 1282). That’s the minimum this pullback needed, and if the outlook is bullish, they could turn up from here. The more bearish scenario is a move to the 135 minute channel, now 1255 and rising. I don’t have a strong opinion here. The trading action is not clearly bearish, and yet the 60 minute chart shows no sign of a reversal yet, either in the Tick Cycle-Trap or the modified DMX, both of which can provide early indications of trend changes.
Tags: S&P 500
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