Friday, 28 June 2013

E mini S & P: Keep it simple stupid... use the lines

This is one of those modern rather trite 12 step phrases that has the ability to irritate. It certainly is not my intention but simply to show quite a simple Andrews p-fork and the effect on price at its upper parallel. Actually there is a great deal more going on than just the Andrews line. Its a confluence point for several median and reacion lines plus the line I have shown below. SO, where from here? Is 1594.25 the low? Can we remain/close this week above 1600. There is no easy answer. I beleive we may see a couple of failed attmpts today to get back above 1600and so drift lower to the low 1580's. Whatever happens i do not want to have any entry around this big figure of 1600

UPDATE: Well it just shows that Fridays always have that little treat up their sleeve. The point is the distribution along the reaction line you can see that propelled price back up. I went long at 1597 ( on the way down) with a stop at 1595- was stopped out and have watched with horror as we have now pared almost all the losses. Are we to make a HH?

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