In my last post i said, my hourly went to neutral and closed all my shorts and went flat. In hindsight, it was a good decision. Now we have a better price to short and all my ST indicators are lined up.
My best guess at this point is a rally in the morning to around SPX cash 1412-1416 area and then a strong selloff. If we do get the rally, i will be shorting the strength. Instead if we breakdown below the channel shown on the 120-min chart, i will start shorting the bounces. Either way, a ST top is forming right here. If i have to describe the 120-min chart in one word - GROSS !
I do not have enough indications to call it a IT top yet. But the ST selloff could blossom into a IT selloff. Stay tuned....
Bottomline -> ST - bearish, IT - bullish, LT - bullish
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