ChartsEdge (U.S. equities) map for 9/14

Market Map for Sep14
Posted: September 13th, 2009 | Author: Mike Korell |
Filed under: One-Day Market Map | »

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Thanks once again, Mike and ChartsEdge!

Folks, as I'm preparing this post Sunday night (since the map is already available tonight at the ChartsEdge subscriber site), the futures are down about 10 points. Remembering what the ChartsEdge weekly forecast looks like, at first I thought the impulse count would be in play taking the SPX above 1048. And that can still happen, but perhaps the ending diagonal triangle count will still remain viable. You'll know depending on whether or not the SPX goes to 1049 or higher. If it does go to and above 1049, it sounds like a bad place to be holding short.

I do recognize there's still the 1053 SPX level, which is one of my Fibonacci levels, and interestingly Todd Salamone mentioned his important moving average has now moved to that area. Hmmmm! Now, I notice that Tony Caldaro isn't really mentioning levels in-between 1049 and 1107, so I'm wanting to respect that. If the SPX does move to 1049, then the way to address my idea is to release any shorts but observe how it reacts around 1053. A reversal pattern from at or just above 1053 could then be played short, but then released again if it pushes past 1053 again on the idea that it does proceed to 1107.

So, just some thought on how to play what comes this week. Meantime, remember we're getting to opex on Friday, so "max pain" becomes more relevant - check out that "max pain" calculator site in the list at right for SPY, QQQQ, and any other symbol that interests you.

As always, careful out there - and happy market navigating!