SPX intraday update (Part 1)
Wednesday, August 26, 2009
Another alternative count, SPX made a triangle and finished wave iv this morning.
Why are we smacking our heads?
The Nasdaq100, for many people one of the leaders of the markets, has serious resistance on 1630 area. In the weekly chart you can see how many times that value was a key value in the past.
Lets take a closer look:
For me, this is good news ;). We beat the resistance and is now acting as support.
Best to your trading
PH
Dow and Nas100 Daily update
I think those markets will make new highs tomorrow or Thursday. Closing long positions there, may be a good strategy. After that, at least a little correction is expected. P2 could be ending too, so be careful.
Best to your trading
PH
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