By Colin Twiggs
September 11th, 2012
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
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