Thursday, October 29, 2009

Bull trap is full enough



ES bounced from defined 1037.25  today as expected and although 1067 was not reached, it was contained precisely at the defined TL.

I think the bounce is over and basically because it did attract enough bulls to fuel next leg down.
Although some little more bounce can come during AH , IMO it is closed deal and the path for tomorrow is down.














SPX bullish percent chart continues to show negative divergences