Just a quick review of how are channels worked on the GS chart that I posted yesterday. Ladies and Gents, we manage are risk right with these key channels and we can use smaller time frames to day trade them. So E-mail me for details if you want to " GET CHARTED ".
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GS 60 min( basic consolidation for next leg down with break near EOD)
GS 15 min( worked out great to give you a heads up that the greenline was strong resistance)
GS 5 min(Classic Bear flag folks to build right shoulder for H&S easy money )
7:56 pm
Hi everybody, I hope everybody had a great day today for today was a classic " float the market up on light volume day". Everybody basically took profits near the EOD and closed the market down. SO just like I expected in the video from yesterday we are congested in that symmetrical triangle area and should be looking forward to a breakdown next week possibly were the sell in May and go away may come into effect. I believe that if the bulls did want to take the market higher the bears would have not been able to push the market back down today. So my theory is they sold and took profits 1) because of three day weekend and 2) because they know the market is going down, but today was just a day to trade the long side and make some quick money. So I will have a video out sometime this week and I will post anything that I see interesting before the video is out if something catches my attention. We were well prepared for today's actions guys. As I stated yesterday some of these leveraged ETFs( 2x and 3x) broke out , but I told you to look for that pullback to get a good entry. I believe today was that pullback and most of them printed an engulfing candlestick going into next week. Have a great weekend and we will speak soon. Happy Memorial Day weekend.
9:23 AM
-Futures chart broke they yellow trend line that I posted below and now is trying to stay above pink pivot line , but looks vulnerable for the breakdown. Next support is around 878. Double support so be ready for a decent bounce in that area if we get there before EOD.
8:00am
S & P Futures chart ladies and gentleman. A break below 888 and that yellow trend line will take us lower on a nice trend down with no resistance. We are at a heavy resistance area as you can see from the 60 min chart. Yellow line 200ma, green line channel resistance, blue line 50 ma.
S&P Futures 60 min
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