Thursday, December 4, 2008

Regular Update

830 on the S&P is the next stop… that would be likely stopping point on the short blue line below. That line, together with the down sloping blue line above it, denotes the possible bullish triangle. Should 830 fall, then I get more bearish, and then will be watching the 820 level. Should it fail, then the bear flag target takes us back down to the bottom area of the chart…

Note that the fast stochastic is now oversold and the slow is approaching the half way mark on the 30 minute chart: