Perhaps third will retrace it, Bernanke speak of cource is the key tomorrow – before that SPX might stay below 1294 and do just small retracements.
Hourly index chart is overbought now but I cannot spot much divergences for it either to make very bearish, we might need retracement however. It just starts to look ABC leg up. I might try to short it at some stage to re-test again, but overall neutral. Not a single shortside left and also very few long only.
I join today to pick up some stocks – very few, since I do use mostly daily charts only they are all reasonable hammered still, today is pretty much first positive candle for them for times. However, one of them deserves special mention and that is Potash ie, POT, take a look it´s daily chart – it potentially has finished today very large scale bullish contracting triangle. This didn´t end for doji as most often cont. triangles does and it might re-test that with another wave where it narrow more before solving it out but pattern likely is real. It is also my primary component because I have troubles to get 150 patterns from there anymore every month.
