Tuesday, October 28, 2008

Congestion between 1050 - 850 continues ...

Market rallied strongly and closed at ES=940 as I expected....From intraday and daily charts, S&P appears to be trading through the setup I saw yesterday.

If this will still be the case for tomorrow, we should gap up above 950 and sharply rally towards 970-980 before any pulling back.

I am planning to take some profits before the FED but I expect more upside after the FED till Thursday. I do the selling because of the increasing risk due to the FED.

I am currently up about 85 points on ESz / SPz and about 700 on YMz. I will get rid of 50% of each tomorrow.

Edit on October 29, 2008:



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