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February 2, 2013
S&P false breakout or shallow correction?
February 5, 2013

S&P continues to move higher in a steady and slow pace. Our initial warning signal that was given last week got cancelled as prices broke back above 1508 and into new highs. The decline from 1509 has not evolved to a complete 5 wave decline. The correction has not broken critical support. Neither the lower degree fourth wave nor the lower Keltner channel were breached. The middle pitchfork support although was initially broken, the pull back was strong enough that overcame that resistance.

SPX60M

Trend remains upward with potential target 1520-1550. should remain on high alert as most indicators are in the overbought area. Following the trend should be our target and for the time being it favors long positions. 1496 cash is our short term pivot point and as far our longer term count, 1448 is our important level of support, were prices should not overlap.

spxD

Traders should focus on those two price levels for the time being. 1448 if broken would cancel any possibility for an upward move from 1343.

Thank you for taking the time to check up on my daily update.

A term used to describe a trader who is expects that a particular asset – be it a commodity, currency or product – to rise in value. The opposite of a ‘bear’.

The idea is that bulls attack by bending their heads and poking their opponents upwards with their horns, symbolising the fact that they are buyers, driving prices up.

Beliefs held by the aforementioned ‘bulls’ of the trading world, are described as bullish. Characterised by a generally optimistic outlook on the state of a given asset, a bullish outlook would suggest that a rise in value is imminent. Opposite of bearish.

impulse-wave-rules

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.