"Everyone has a plan 'till they get punched in the mouth" - Mike Tyson

April 21, 2013

Weekend Update 4/21/13

After looking at charts all weekend it appears the market is ready to attempt a bounce in the short term.  I just wanted to quickly point some charts out that appear to be important in the short term.

The daily SPY chart shows a strong bounce on the first touch of the 50 day moving average in 2013.  These next two charts show the intra-day action in index ETF's where head and shoulder bottoms have formed.


The Q's also show a similar pattern.


Other world wide markets have potential to bounce as well.  China is a great example of this.  We are seeing some short term bullish signals across the board.  India and Brazil also come to mind.


So again, in short term bulls may have something to work with here.  This potential move appears to be broad based across the world, and I think it's a solid opportunity to make short term bullish trades.  Will it play out that way?  Only time will tell.  Thanks for taking your time to check out these charts.  I hope you enjoyed it.  Have a great next trade!

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All ideas shown on this blog represent the authors opinion based on the data available.