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30
Jun
The Case For A Turn Here
By: Shanky In: Trading Blog |

Pretty self explanatory. This is the bear market channel I have shown before for the /ES. If it does bust it, 938 will be the line in the sand IMO. Is the painting of the statements over? The high this morning at /ES 926 touched the channel line on a 1m chart. 60m SPX bounced off of the 61.8% retrace from the 956 top. 60m indicators on SPX are overbought. The dailys still have some room to run up. Taking out the 927 high was a big deal, but I don’t think we take out 956. This move up (if it continues) should set the indicators on the weeklys for a pretty strong fall. I would not be surprised to see the manipulators drive the market thru this trendline on low volume holiday week. Either the 60m continue to embed and the dailys run their course up or we have a minor pullback here.

GL trading. http://shankystechblog.blogspot.com/

Weekly -

/ES Weekly

/ES Weekly

Daily -

/ES Daily

/ES Daily

60m SPX

SPX 60m

SPX 60m

UPDATE –

5m chart

es5m


Shanky

The views, opinions and analysis expressed in this post are strictly those of the author.
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7 Responses to “The Case For A Turn Here”

  1. Professor Cyan Lite (July Iron Condor on SPY 85-95) says:
    June 30, 2009 at 10:37 am

    Would be nice if we could click on the pictures and actually see them…

  2. Shanky says:
    June 30, 2009 at 10:47 am

    go to my blog – better viewed there.

    If any team member would please send me a email to correct my charting issues please do so.

    Thanks

    Unersaettlich replied:
    June 30th, 2009 at 11:16 am

    I already did . . . weeks ago . . .

    Unersaettlich replied:
    June 30th, 2009 at 11:26 am

    I just sent you the how-to image again.

    Shanky replied:
    June 30th, 2009 at 12:09 pm

    Lost it in mass inbox purge. Sorry. Got it. Thanks.

  3. crazy jim says:
    June 30, 2009 at 11:21 am

    Shanky, asuming no manipulation for next few days, where do you see S&P going?

    Shanky replied:
    June 30th, 2009 at 12:12 pm

    Not above that trendline just yet. I’m on record for a pullback to 847 then up. Here is what I am thinking.

    http://shankystechblog.blogspot.com/2009/06/shankys-state-of-charts-post_18.html