Daily Analysis

By: TheWaveTrading | Fri, Jun 1, 2012
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I am sorry but due to a technical issue with the ADSL connection I am not able to post the daily technical update.

The main ideas, both for the long-term & short term time frame remain unchanged.

Today's weakness of the European equity market and the incapacity of the EUR to establish some type of a bottom may spoil the upside potential of the assumed SPX wave (B) counter trend bounce.

Today's price reaction to NFP will be critical, since if the 1292 area is breached it remains to be seen if the 200 dsma, which today stands at 1284, will "weather the storm".

The obvious next support is at 1258.

Below is the monthly chart of SPX with key down side levels.

SPX
Larger Image

Hopefully later on in the day I will be able to post on Twitter updates of the short-term price action.

Have a great weekend.

 


 

TheWaveTrading

Author: TheWaveTrading

TheWaveTrading

Contact: If you would like to contact the author, you can e-mail him at thewavetrading@gmail.com

The main objective of this project is to share my views on several markets and asset classes.

In the initial stage TWT website will be a free service.

My main focus will be the equity market with SPX being the leader but I will also follow US equity sectors, major European indices, fixed income, currencies and commodities markets.

My analysis is based upon traditional Technical Analysis, Elliot Wave guidelines and investor sentiment.

My goal is to establish the most likely path that the price of a particular asset will undertake and profit through ETF instruments both on the long and short side and mainly with leveraged ones (2 x & 3 x).

The advantage of ETF investments is that it allows getting involved in equity indices & sectors, currencies, fixed income, commodities etc.

Therefore the main purpose of TWT will be to establish investment strategies regardless if the market is in an up trend or in a down trend, leveraging the chosen scenario while managing the risk by establishing protective stop losses.

Hence I will always define the risk, I will try to let winners run the wave and I will cut the losses if my strategy is wrong.

Disclaimer: The content of this article is for educational purposes only, the information supplied is not a recommendation to buy or sell any security or financial instrument.

Thewavetrading.com nor the owner can not be held responsible for any loses occurred from the information provided within the website.

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