The Tricks Index produced its expected long signal on Monday’s close.
click chart to enlarge
click chart to enlarge
The Short Term
October 14th, 2008 at 5:32pm · No Comments
In the midst of the insanity – I felt it was best for short-term traders to just get out of the way and watch. Now, we can expect some type of return to normality. If you’ve followed this blog for a while, you know that over the short term we follow the eMini contract as it bounces between the channels on the 60 and 135 minute charts. The channels are a variation of Keltner channels, which are a multiple of the average true range. As the range expanded in the decline, so did our channels. As big as this rally has been, it just took prices to the top of the 60 minute channel and no farther. The 135 minute channel is way up at 1105. There’s enough resistance and formed divergences to expect a pull back now to at least 950, though I think much deeper retracements are likely in order. More on that later.
Tags: General Market Commentary · S&P 500
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