Thursday, August 23, 2012

Can't get the video to record

I can't get the video to record so heres what I'm looking at for Friday.

We finished off near the lows of the session, after a gap down could not fade.  We are in the mdist of a pullback form highs, but are approaching support.  Watch the 20 EMA on the daily SPY chart, and then 139.25, which fills a lap from early in the month.

 It's too early for me to call a top, but others are more aggressive with that call.  I think we will need to get the Jackson Hole conference out of the way, along with the end of Summer to get a clearer picture. As of now, we are in a pullback from highs, and that;s Bullish.  The trend has NOT changed

For Friday, I'll be watching any early upside for a shorting opportunity (like Thursday that never happened) for a test back down to the lows from Thursday, but a further push or a gap down will be watched for a buying opportunity, as long as there is support and a pattern to lean against.

Have a great weekend and don't forget to sign up to the list at to get the Market Autopsy video delivered to your inbox this weekend. 


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