This chart says it all. I would hold off placing any BIG bets until we either break above the 200 ma or below the 50 ma. I continue to play both sides of the trade. One positive not is we continue to have large bars on the Nasdaq up/volume indicator.

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3 Responses to “Rangebound!”

  1. abdul Says:

    In my opinion on the S&P, the market may this time attempt to break the 200 MA resistance level and then pause at the next resistance of 1295. Some of reasons are that we have been on the down area for too long due to euro crisis and also many hedge and mutual funds, institutions etc have missed the recent rally. I would like to get in early hopefully on a intraday retrace and then hold long till I get the full reward for the day. In trading, there is risk in getting early but that is what successfull trading is all about. Get in late and you are only helping the bigger player to push the price higher into their direction because they are already in the market before you.

  2. Richard Says:

    A comment on EUR/AUD . On the RSI. Hi baseline 80 , low baseline20.00 and on 14
    setting. On the monthly it almost touched 20.00 in November 2010. In September of this year it was near 42.00 which is where the RSI parked itself on Fridays close on the weekly. The RSI monthly looks like its troughing bullish. Also last months candlestick was a virtual long handled inverted hammer candlestick. It hasn’t made this formation for at least 10 years.Its unusual for this pair .On the close on Friday the weekly produced an almost perfect evening star .That is also unusual . Worth watching for a while with an intermediate bullish projection in mind . This suggestion is Caveat emptor .

  3. jeff pierce Says:

    it’s close to turning bullish, but will need a few more days of work before I see a setup I like.

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