Thursday, March 1, 2012

3-5% Pullback

Hi Folks,

The market seems to be having trouble getting through this area. Again 137 level in terms of SPY. I still expect the market to pullback 3 - 5% here so my bias of selling the rallies remains. The area of caution is if we break the trend line that I posted a chart of the other day. One of the technical indicators that I look for in a pullback is when the stochastics make an "M" shape and the MACD is inverted. On the 4 hour chart and the daily chart we have this set up in both charts.

Thanks and Good Trading,


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