On Tap for Wednesday:
Morgan Stanley (MS), Circuit City (CC) and FedEx (FDX) are all reporting earnings before the opening bell tomorrow so we could be in for a volatile open. Crude Inventories are out at 10:30am EST.
SPX 15m Chart
Tuesday, June 19, 2007
The Bottom 3 Triangles on the SPX
Today the SPX spend the day in the bottom 3 triangles formed by the short term downtrend and uptrend of the 15m bars. After our open below the green upward trendline we bounced off support, but notice that we were never able to get back above our green line. Instead, the uptrend acted as resistance all day. Conversely, once we broke above the blue downtrend line it acted as support for the rest of the day. What does this mean? Lots of indicision and another day of consolidation. Technically we spent the day moving up with higher lows, but we were unable to put in a higher high.
On Tap for Wednesday:
Morgan Stanley (MS), Circuit City (CC) and FedEx (FDX) are all reporting earnings before the opening bell tomorrow so we could be in for a volatile open. Crude Inventories are out at 10:30am EST.
SPX 15m Chart
On Tap for Wednesday:
Morgan Stanley (MS), Circuit City (CC) and FedEx (FDX) are all reporting earnings before the opening bell tomorrow so we could be in for a volatile open. Crude Inventories are out at 10:30am EST.
SPX 15m Chart
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