SPX Post market Technical Analysis Aug. 30, 10

[mrbeanbag]

BTW, good call on Friday, it looked quite bullish but you were right, it wasn't anything to get excited about.

[FreeTradingVideos]

@mrbeanbag I appreciate your taking the time to acknowledge this. Thank you.

[mrbeanbag]

I don't think 1 or 2% is "crashing down" , but I expect a real crash coming soon. It feels as if some invisible hand is coming in every time it 1037 ES (has hit 5 times this year and is knocking on the door right now) and saving it from crashing. How much longer can "they" (PPT?) defend that area? Once it goes it will go hard, hopefully not this week.

[mrbeanbag]

@mrbeanbag Aug31, the low (02.45am) was 1037.50 , I wish I had bought it there, dangit.

[bnash2002]

i expected a decent rally after last fridays action. just shows how weak this is. i lightened up on everything and tightened stops today. its just to sketchy right now.

[bakabusu4]

@bnash2002 yeah i expeceted a rally today too, but like u said shows how weak the markets are.We were oversold on stochastics too.

[bnash2002]

@bakabusu4 i dont use stochastics too much. i just know they can stay oversold for a while while the markets continue down. same for upside. i think its important to understand the flaws of indicators. i occasionally use them to confirm divergences. happy trading.

[rsunderwood02]

Great advice and great video as usual!

[FreeTradingVideos]

@rsunderwood02 Thanks! (: