Welcome back! It has certainly been an interesting couple of days. Regardless of the intraday volatility, if you are a swing trader the daily price bar on the cash S&P500 was downtrending with a lower close. There were no technical “buy” signals and no other reasons within my chart work to contemplate taking a long position here.
I can speculate on whether wave iii’ (see chart from my last post) is done or not but that doesn’t lead to anything practical. I could wish I were short but that doesn’t lead to anything practical either. This blog is a work in progress, my technical musings hopefully leading to the development of a swing trading system. In my next series of postings I will lay out a unique approach built upon some of the work of Tony Plummer. This untested system would even have long-term investors out of equities right now!
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