A recent new blog The Objective Trader is a new follow of mine. Doc Barter, the Proprietor of this new establishment has common sense and understandable analysis of the broad markets. A strong technical bent that lends itself well to my style of trading.
His most recent post will likely fly in the face of many - many bears that is. He is bullish. I have excerpted the first insights in this recent post, and direct you to HERE for the FULL POST. Trading On!
SPX 40 Day Hourly
As pointed out yesterday, there was some room left for more upside and we saw the run up. Again we peeked over 1200, reached 1202 ( 1204 is a retracement ) and pulled back 14 points to close at 1188. We have some trapped short covering traders and a pullback might be on the way. The hourly is slightly overbought and not necessarily an indication to add longs. A pullback to back test the breakout area is most likely. The 1170 area should offer support. So far everything went according to plan.