Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

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To: Honey_Bee who wrote (9671)	9/9/2010 11:13:17 AM
From: TraderMann	Read Replies (2) of 222551

Absolutely, I had made some reasons yesterday, IMO. I guess u were not on the board. All my comments are on S&P500 cash. 1. Triple neg. divergence on MacD (5, 15, 60 min) 2. Neg. divergence on McClellan Oscillator 3, Potential Bear Cross forming on 60 min chart 4. Market makers bring market down to max. pain and that sits at 1045-1050 for Sept. Options (very strong history on this). 5. EW current wave max. 1112-1115, this wave is now extended 1105-1107 was standard wave per EW 6. RSI neg. divergence I may have been early to the party yesterday, and took a 5 digit hit. I feel the next move will be swift. Could extend further and attempt to tap 1115, 200dma or gap around the 1118-1120. Once the 1060-1075 area is reached on downside I am loading up Long for a move back up to 1131+. We are in a trading range and the so called "washing machine" effect is there for the time being. That's my 2 cents and I am sticking with it. I have Dec puts so I have no stops in place now. I feel this will play out.

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