Thursday, September 15, 2011

Zeroing In On Possible Reversal

If the markets are to reverse lower as the recent pattern updates have suggested, today it the ideal day time wise for the pattern to complete, and the shorter term technical structure is starting to look nearly ideal for a reversal. I am maintaining the TWM trade open at these levels with expectation of a downside reaction here. IF that occurs I will adjust the stop on the trade.

On the SPX chart, price once again hit the declining resistance line I have highlighted several time recently. That is ideal for a reversal as well.

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