Sunday, August 19, 2012

S&P Futures Update for Aug 20, 2012




Perspective: The S&P's have reached and slightly exceeded the 8-month Balance high - this is a Go/No Go level. All trends remain up with the Weekly and Daily trending up as well.



Friday was a low volume, low conviction day which left a poor high, poor low - both of which have high odds of being taken out and a very prominent POC that has good odds of being visited. If there is any change to the trend it will begin with price acceptance below 1411.25 - the previous 2012 high with Value building lower. There were several anomalies on Thursday that have good odds of being revisited should the trend change to the downside. For Monday - Treat Friday's range as balance and apply the rules of trading Balance :
  1. Remain within balanc - low odds; 
  2. Look outside of balance and fail - good odds; If the market fails on one extreme, the destination trade becomes the opposite extreme. 
  3. Look above or below and accelerate.

No comments:

Post a Comment