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Tuesday, November 15, 2011

Tuesday, 11/15/11 update

Buy signal on the ES/SPX. I'm inclined to go long, but there is a real danger of whipsaw here, so holding off pending a pullback. If there is a decent pullback, will need to assess it before committing.

There's been a developing triangle since the high of Oct 27. That triangle quite possibly completed it's final "e" leg at this morning's low, although it didn't reach the lower triangle trend line around 1225. So the question is, will there be just a little more selling to bring prices closer to that lower trendline?

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