Thursday, September 9, 2010

New Trade Setup 9/09/2010

I am currently short in WSS but am out in my real cash trade account from the break posted from the chart below. I will re-enter short when this trend breaks. Looks like were in a tight gap for trading Top 1115 - 200&150 Daily MA's + 150 weekly Ma.. Bottom 1080~ish with the 10/50 daily MA's. Also 1080~ish is the 38.2 retrace from the 1010-1130 rally run. 1080~ish is alos the 50% retrace of the most recent 1040-1010 rally + support channel. Look for the market to flip over soon to get to that 1080 test. From 1080... I give it a 60% change to go lower and 40% chance to new highs past 1110. I'm betting the the 1115 holds out and we test the fibs from the chart below.

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