Luna $ Ticks

September 4, 2008

A trend, at last

Filed under: Trading SPX SPY — moontrader @ 6:17 pm

Well, well, well. It happened. Not much to add in terms of scenario: SPY fiercely pierced through DMA 25×5, Stochastics is down, MACD down and entering negative territory, and suppport at 126.40 reduced to ashes.

September 2nd top turned out to be significant. The most important thing is that now we seem to have resumed the downtrend. I’d follow closely DMA 3×3: as prices touch it, they should bounce back down. MACD has plenty of room to the downside, which makes me believe we’re heading way lower than 120, July 15th bottom. Regarding profits, I would take some between tomorrow (Friday) and Monday. Futures are trading very low right now and we might open tomorrow with a gap.

I’ll taking a plane tomorrow, so I won’t be posting until Saturday or Sunday.

Good trading for all of you.

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