How is your summer? I am fully enjoying it as we have wonderful weather here in Bulgaria. It is so tempting to go out either on the mountain or on the beach. And tomorrow I am going to hike one of the mountain peaks (actually the highest mount on the Balkans) close to Sofia.
Today, I’ve decided to make today’s daily analysis of S&P500 available for all visitors of my web site. It is now posted free on my home page.
And for your convinience, I am sending you this analysis here. It seems the hourly picture is quite clear now as the pullback from the last week’s top is complete or nearly sol. Enjoy:
Chart:
http://www.trendrecognition.com/images/stories/2013/indexes2013/sp500_vst_20130813.gif
S&P500: 1689.47
Very Short-Term Trend: weak uptrend
Outlook:
Yesterday I favored a long position at 1680 against the key support at 1670. Well, the market declined to 1683 only and rallied a bit from there. And now it seems to me the corrective pullback from the last week’s top is complete. To confirm, we need a move abv 1700 level. My upside target remains far above the current prices – at 1773 level. So, the upside potential is quite large if my analysis is correct.
On the downside, the key level remains at 1670 and only a move below will turn the hourly chart bearish.
Strategy: Longs favored at today’s open against 1670.
Will talk to you again soon.
Until then:
Trade with the Trend and Enjoy Your Summer!
Alexander
Trendrecognition.com
Disclaimer: The services provided by Trend Recognition Ltd are intended for informational and educational purposes only. At no time will Trend Recognition make specific recommendations for any specific person, and at no time may a reader, caller or viewer be justified in inferring that any such advice is intended. The service is not a recommendation to buy or sell securities or an offer to buy or sell securities. The publishers of Trend Recognition website are not brokers or registered investment advisors and are not acting in any way to influence the purchase or sale of any security and/or its derivatives. You should not rely solely on the information provided on this site in trading.
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