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Strategies & Market Trends : John Pitera's Market Laboratory
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Davy Crockett
To: Davy Crockett who wrote (16352)12/15/2014 7:41:04 PM
From: stuffbug1 Recommendation  Read Replies (1) of 33421
 
Thanks Davy.
No rally today, maybe manana.

I will be watching my hourly charts for a sign of a trend change.
My trend indicator is based on the high, low and close of each bar.
So I can't precisely project a reversal point into the future.
However, as a rough estimate, if the SPX closes above 1995 at noon or 1 PM tomorrow, the market should be in an attempted rally mode.
Same goes for a big jump during the first half hour (e.g. a 10 AM print above 1999).

During these washouts, the attempted rallies can fade very quickly.
We have already had two such rally attempts.
Dec 9:... 2 PM - 4 PM, reversal during the first half hour the next morning
Dec 11: 10 AM - 2 PM, the 2 PM print corresponded to an exit / re-short signal.

Any rally should carry the SPX to at least 2020.

Mybe UVXY and XIV are telling us something.
Even though the SPX was down over 12 points on the day, XIV closed up and UVXY was down.
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