The last time the SPX was above 1450, a few weeks ago, I saw nothing except bullish news. It's been straight down from there, even with analysts making bold predictions of the SPX hitting new highs of 1550 to 1600 this year.
Lets not confuse what some people say (some will be right, some will be wrong) with whether TA is effective.
I can point you to every chart I snapped during that time period showing I was massively short back then... and I know many traders that were.
Just don't believe everything you read, develop your own sense of the market.
EDIT: PS, I'm more than willing to admit that right now, at this very second, I have no idea what's next. I suspect down, but that's not something I trade on... will wait for confirmation. On an intraday basis the futures have slowed to a crawl, and a market not in motion is not a market worth trading. Chances are slightly higher than not that the first move out of congestion will not be the "real" move. But we need to be prepared.
And unfortunately for me, I have meetings to head to, so in 5 minutes after I leave my office, look to the market to move massively in one direction! ;) |
