1pm update - first target is sp'1385

It seems we are are going to break back into the sp'1380s within the next day or so. As many will realise, the 200 day MA is lurking at the previous low..also @ 1385. Any break into the 1370s opens up a challenge of the sp'1343 low. If that fails to hold....it'll be a scary (and probably fast) ride down into the mid 1200s.


trans'60min

sp'daily5

Summary

Its a little frustrating, the price action is choppy, but at least its consistantly weak.

RE: trans, H/S formation.

I am VERY pleased with this chart, if its right, it will really help across the rest of this week. As remains the case, tranny appears to have the cleanest waves, and thus I am using it as a guide to trade other indexes.
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I remain short, and will most definately look to be short overnight. An exit on the first test of the 200 day MA @ 1385 would seem a very reasonable outlook.

UPDATE 1.20pm Strike'1 for the sp'500... if all 3, then sp'1260s.

Its looking rather good