Wednesday, April 10, 2013

04/10/13: remain short SPX, all time high SPX, tgt 1555

Today was not good to say the least and I am not even bull/bear biased, just trading how I see it, right or wrong.

New all time high on the SPX.  Again, never thought it would happen back in 2009, never ever did.

Hourly OBV turned out to be right all along.  I almost discounted it since I remember a time last year when OBV made a new high but SPX never quite made it.  SPX proceeded to drop 8%.  That was one of the few times in recent memory at least.

I'm still holding short with an average of roughly 1565.  My target is 1555.  For tomorrow, I am just looking for 1580.  There is a confluence of support there so it would be a good spot to offload some of my recent shorts.

Despite the fact that SPX blew through levels I was looking at, I am just not entirely convinced we are going to continue to move up just yet even though I see SPX moving up to 1620-1650.  I'm not married to my count...however I'm not willing to give it up yet even though SPX is pushing at the max of what constitutes an irregular wave B or wave 1 of the next degree.

On the daily chart, we poked through both the upper BB and the kelt band.  At least a breather is due.

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