Rather than taking up a lot of space tonight with jibberish, I'd like to get right into some charts of interest, as I think we're approaching an important time/price zone. When a correction will happen, and how much of a pullback we might see are all up for debate, and I think keeping that debate open is a wise choice on our part so that none of us are burned in yet another bear trap of some sort. Only in hindsight will we review each of our own TA signals and say "Ah ha!" But you have to admit, working this puzzle with fellow traders only deepens our individual knowledge. That can never be a bad thing, and I know I've learned so much from all of you. Tonight Chartist Extraordinaire, Alpha, has loaned us some great charts to review, and I'm also sharing a couple of indicators that caught my eye tonight. One more thing- congratulations to Fujisan for her wonderful navigation through the Google earnings today! We were privileged to watch her work unfold right before our eyes. ~Keirsten
Earnings tomorrow: BAC, GE, HAL 9:15- Industrial Production, 9:55 - Consumer Sentiment
First up McClellen Oscillator: Turning down while the tape keeps climbing
SPX Bullish Percent Index- this is a breadth indicator for those who haven't used it before.
And now for the good stuff from Alpha!
SPX 30 Min. EW Chart
Alpha's 5 Min. Renko Chart- this is something he's having very good results with, so you may want to experiment with his settings and see how it works out for you.
