Action Points

I was taken out of more positions last week than I have in a long time, but that's how it goes. Since the overall market volume has been less than impressive the past couple of months, we need to be aware of the fact that technical analysis is going to be much more difficult. I don't know for a fact, but I've read that Program Trading comprises 50% - 75% of all of the volume across the exchanges. When it shrinks, it makes for a tough environment. All we can do is make every attempt to identify the "key" S/R levels, trade small and get out if those levels fail. Although I've redrawn the connection between the shoulders several times, I still think the H&S is intact. I may be wrong, but my opinion won't change until we take $SPX 945 out. The primary Sentiment Chart I follow "supports" my thoughts, as it "suggests" we are either at or near an intermediate term top. Time will tell. As I've mentioned on many occasions, there are ...

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