sp'15min
Summary
We have what might be a baby bull flag on the 15min cycle.
Perhaps another 30-60mins trading a touch to the downside, but then a break higher into the close.
If Mr Market wants to keep everyone on edge overnight, it'll close somewhere in the 1627/29 area.
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All things considered, I think the low is in @ 1608..and we're going to take out the 1648 high, if not tomorrow, then early next week.
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2.13pm.. sp'1627s hit...hmm, I'm just getting a bit edgy.
tight stop set on my HEAVY long position, looking to get kicked.
2.17pm.. 5/15min cycle charts look VERY toppy... stop raised..looking to get kicked any moment!
stopped out of index HEAVY longs @ sp'1628.
(holding MRO - long, into Friday)
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VERY pleased with todays recovery. What a day!
2.33pm.. next upside target is of course sp'1630.. I expect that to be broken, and closed over.
A close of 1635 - at the upper hourly bollinger band..seems viable.
If Mr Market wants to nuke the bears..it'll gap right over 1648 at the Friday open.
*if market sees a minor down cycle early tomorrow, I will pick up a new (smaller) index long position.
Daily charts offering the sp'1700s by mid July.
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