Wednesday, May 5, 2010
The S&P 500 Went South....Did You Cash in Your Chips?
For some time now we have been concerned about the lack of upside momentum and the divergences that have been building in many key oscillators. We were also concerned that we'd reached a very important Fibonacci level which we pointed out in a recent video.
It never ceases to amaze me how these levels have worked both in the past and in the present. If you're serious about the markets, you must pay attention to these key levels as many professional traders do, and perhaps you will understand why.
In today's short video, we're looking at the S&P 500 and some of the downside targets we have scoped out using a very simple tool. We had a nice run on the upside based on our "Trade Triangle" technology and we are happy to cash in our chips and watch from the sidelines for the time being.
Click here to watch The S&P 500 Went South....Did You Cash in Your Chips? and as always you can watch our videos without registration and there are no fees involved. Please feel free to leave a comment and let us and our readers know what you think is the direction the markets are headed.