Daily Recap 8-27-2013: On our way to the weekly trend line

Daily Recap: A red day without any relief for the bulls, and if my prediction in the weekly recap is correct we are on our way to the weekly tend line at 161.76 or close to it before seeing any kind of major resistance.

In the meantime it looks like there is some kind of resistance building during after hours but we’ll have to see what the morning brings.

Battle Plan for the 8-28-2013

Neutral with a cautious reversal signal possible if SPY bounces to check the trend lines

2013-08-27-End of day

* Stop loss lines should be triggered if there is an interval close above them (i.e. 60 min or 120 min ), they are published in the daily blog and updated during trading hours on twitter.

* Take profit lines should be triggered immediately when crossed, they are usually issued during the trading day on twitter.

* Entry signals should be triggered when crossed, but take into account that until there is a confirmation (i.e. close of the interval across the entry signal) , the signal can become a reversal signal.

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