All About Trends Subscriber Mid-Day Update
Courtesy of David at All About Trends
What we really want to key in on here is that of the 60 minute index charts that have served us so well over the past few years.
One look at the S&P 500 and you see the 78.6% Fibonacci level we talked about over the weekend. Yesterday we tagged it and immediately got a downside reaction off of it.
Today we came back up to test it and thus far and sure enough it moved away from it again. At this point we’ll have to now see IF the index breaks the little blue uptrend to the downside and falls or just consolidates sideways. We still have some uncertainty to deal with here but we’ll trade what we see not think hear or fear and the two short sells we took were just those types of trades in individual issues sporting resistance and potential double tops.
Let’s see what the famous "Into The Close" looks like into the weekend.
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