S&P finally realized this morning that it cannot continue to go upwards without some kind of a correction and changed direction downwards. The short signal at 167.58 was triggered around 11 AM and was confirmed the same hour by a close beneath it . I am still unsure about the size of this correction mainly because the 120 min trend line held so there is a chance it was another fake move and we have seen the end of it, only to continue the upwards movement tomorrow, but that is the reason they invented stop losses, so make sure yours is up to date (for updated stop loss values please see battle plan below). On the other hand I believe there is a strong chance that we see one more leg down, tomorrow or the day after leading to profits.
On a different note I have been asked why I don’t publish more intra-day updates like some other bloggers do, and the reason is that I only publish updates when there is something to update. I could have sent you charts of channels, triangles, resistance lines, Fibonacci diagrams, elliot wave counts, but in my experience so much data and options just confuse instead of clarify and eventually it all boils down to the very essence of what you are looking for which is entry and exit points.
I don’t feel the need to clog your twitter account with messages, I do not to need to twit you 10 times an hour just to prove I am needed (or loved or ….) and I believe you are grownup individuals that chose to follow me to receive meaningful information and nothing else, so I will keep updating you as necessary and hope I do the best job I can.
Battle Plan for the 7/17/2013
60 min interval Short stop loss above 168.21 on SPY
* 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.
For FREE updates in real time follow me on Twitter
To comment or post your own signals join me on Facebook