S&P 500 retraces

By Colin Twiggs
September 11th, 2012 3:00 a.m. ET (5:00 p.m. AET)

These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use.

The S&P 500 is retracing to test its new support level after breaking resistance at 1420. Respect would signal an advance to 1570*, while failure of support at 1400 would indicate a bull trap. Bearish divergence on 21-day Twiggs Money Flow continues to flag medium-term selling pressure. Breach of the lower trend channel — and support at 1400 — would warn of another test of primary support at 1300.

* Target calculation: 1420 + ( 1420 - 1270 ) = 1570

Baseball is ninety percent mental.
The other half is physical.

~ Yogi Berra

	S&P 500 retraces By Colin Twiggs September 11th, 2012 3:00 a.m. ET (5:00 p.m. AET) These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use. The S&P 500 is retracing to test its new support level after breaking resistance at 1420. Respect would signal an advance to 1570, while failure of support at 1400 would indicate a bull trap. Bearish divergence on 21-day Twiggs Money Flow continues to flag medium-term selling pressure. Breach of the lower trend channel — and support at 1400 — would warn of another test of primary support at 1300. Target calculation: 1420 + ( 1420 - 1270 ) = 1570 Baseball is ninety percent mental. The other half is physical. ~ Yogi Berra	Share: A+ A− FREE 12-month subscription to The Patient Investor Get the insights you need to stay ahead in financial markets when you sign up to Incredible Charts premium service by 31 December. Start Now Incredible Charts Try our popular premium stock charting software, with proprietary trading tools and powerful stock screens. More than 420K downloads Suitable for Windows 10 & 11 Start with a 5-day Free Trial Download Premium Web Charts Premium cross-platform web charts with proprietary trading tools and powerful stock screens. No downloads or installation required. Suitable for Windows, macOS, and Linux operating systems. 5-day Free Trial Trading Diary Free education, with technical updates and macro outlook. Join Now
Contact Us Privacy Policy Terms of Use Disclaimer © Copyright 2001 - 2024 Incredible Charts Pty Ltd. Twiggs^® indicators is a Registered Trade Mark of Incredible Charts Pty Ltd. All rights reserved.