Sunday, August 4, 2013

A Melt Up Is About To Start

Updated for recent buys

SPX very likely is going to test the new primary downtrend line around upper 1690's, then it will run up quickly to test price channels' (both primary channel in thick black and active channel is thick orange) upper boundaries around 1750's, possibly later this week.  My plan is to unload my long holdings at that point and look for an entry as SPX comes back to test its 20 D-SMA.

Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.