Look Where We Bounced Today

If you followed the Zero today it was pretty clear that we would be bouncing near 1304 but just to make things a bit more interesting here’s another chart that served as trampoline for the longs:

A clear line in the sand which incidentally has been pointed out here days ago:
[amprotect=nonmember] Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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Was it coincidence that we bounced two handles away from our 1302 Net-Lines Sell Level on the spoos? Maybe – but those coincidences seem to be stacking up since I started to plot those. Again, thank you Chris Carolan for coming up with such a valuable price based trend measure – I am truly standing on the shoulders of giants and he’s one of them.

I may want to point out that this doesn’t mean that we’ll go straight up from here or that we won’t breach that NLSL tomorrow or on Monday. That assessment cannot be made just yet and we need to collect a bit more evidence. Surely the close will offer additional hints as to how willing the dip buyers are to make a stand.

IF we close below that NLSL then I think we’ll push toward 1275 – if you are holding short make sure to take profits there.

Cheers,

Mole