Thursday, October 30, 2014

Thursday Thread

SPX Daily
Good day folks.... I hope everyone has been doing well. I haven't been around lately and I wanted to stop in and say hello. Thank you Southern for keeping things going here, if not for you my dear, this place would not be the same. 

This last month on SPX has been pretty wild. One thing I noticed is a gap on the daily from 1905-1909ish that was left behind. We have a decent setup now for a retest and gap fill back towards that level. Although, if the bulls step up here and push above this volume zone, it could be a while before that gap gets filled. A few closes on the daily chart above the 1987ish area would lean towards a challenge of the 2019ish highs. Personally though, I think the top is in for now... and we move back down to digest this move off the lows. 1900ish is a key level I'll be watching for the bulls to hold on any move back down. If it plays out that way, it would start looking a lot like a developing right shoulder on a larger inverse head and shoulders.