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TheWaveTrading

TheWaveTrading

TheWaveTrading

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on…

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Daily Analysis

I am sorry but due to a technical issue with the ADSL connection I am not able to post the daily technical update.

The main ideas, both for the long-term & short term time frame remain unchanged.

Today's weakness of the European equity market and the incapacity of the EUR to establish some type of a bottom may spoil the upside potential of the assumed SPX wave (B) counter trend bounce.

Today's price reaction to NFP will be critical, since if the 1292 area is breached it remains to be seen if the 200 dsma, which today stands at 1284, will "weather the storm".

The obvious next support is at 1258.

Below is the monthly chart of SPX with key down side levels.

SPX
Larger Image

Hopefully later on in the day I will be able to post on Twitter updates of the short-term price action.

Have a great weekend.

 

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