Yellow light

We broke the lower trend line and we are still in the HB fib.  The major trend is up but the mid tend is down.  Market is not shure what to do.  Sometimes you need to sit and wait for signs.  Futures is flat on the morning waiting for info at 8:30.  This will be a hint on the day of direction.

Yellow Light

This will be a big day.  If we stay or if we go.  We are at  some large resistance points right here.  If we go down it will be a bumpy ride.  Resistance points at 206 trend line, 205 fib, 203 fib, 202 gap fills, 202 at the 5% retracement, 200 at the 200 EMA and finally 198 is the final resistance before a major drop.  Hold on to your pants.

Futures are down 13 pts today at 7:30 am EST,  Not good for going up on the day.

I would not trade this if you are in long term stocks.  Hedge your down side with SPX and SPY options to the down side to protect your longs.  If you are a day trader or a swing trader you can play the turns.

Red Light

We broke the HBL extension and now we are headed down.  We do have a lower trend line to keep an eye on.  We also have a HBL that may hold.  There is also a lower low from this last push up.  Look for a bounce at each spot to enter longs.

Yellow Light

We may get a bounce today.  If it holds that will turn into a green light.  Futures are flat but pressure is building to the up side.  How far it will go who knows.

Yellow Light

We are bouncing off the HBL from the bar from 5 days ago.  Not a standard fib retracement.  We do have the bar from 4 days ago bouncing off the same spot.  Tomorrow morning ES futures will give us a hint on the market direction.

Yellow Light

Today we had a HBS on the 30 minute chart.  This is not a good sign for moving up.  At least for the next few days.

We also broke a key support line.

Green Light

Going up.  This morning futures are up 5 pts. If you can get a Vertical at 90-95 at a good price with expiration on Friday it will be some good cash in hand.  And or get a long call in SPX or SPY today at the HBL should work well if you missed the fist entry last Thursday.