The fact that SPX has closed above the down trend line I expect a rally up towards the second down trend line on the daily chart above. The weekly chart shows MACD divergence which is still the main indicator for a bullish move.
Tuesday, 24 March 2009
Breakthrough, will it hold?
Action: Sell PUT credit spreads in a bullish market. Below 590 (127% fib Extension). Also sell calls when price reaches 884 (78% fib retracement).
The fact that SPX has closed above the down trend line I expect a rally up towards the second down trend line on the daily chart above. The weekly chart shows MACD divergence which is still the main indicator for a bullish move.
The fact that SPX has closed above the down trend line I expect a rally up towards the second down trend line on the daily chart above. The weekly chart shows MACD divergence which is still the main indicator for a bullish move.
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